Coinbase Reinstates GBP Bank Deposits and Withdrawals


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Coinbase crypto exchange has announced that it has reinstated GBP bank deposits and withdrawals for its United Kingdom-based customers. The exchange has also added full support for a host of popular altcoins including basic attention token (BAT), augur (REP), lumens (XLM), XRP and ZRX, according to a blog post on October 3, 2019.

UK Crypto Traders Rejoice

Per a blog post by Coinbase, the good times are here again for U.K-based traders as it has now reinstated fiat British Pound deposits and withdrawals.

What’s more, the bitcoin trading venue says it has now added full support for some established digital assets including BAT, ZRX, REP, XLM, and XRP, enabling users to buy, sell and trade the coins straight from their GBP wallet funded via bank transfers or credit/debit cards.

As reported by BTCManager earlier in August 2019, Barclays Bank suddenly severed ties with Coinbase. The unfortunate situation made it impossible for the exchange to have access to the Faster Payments Service (FPS).

“Over the next few weeks, U.K.-based Coinbase customers may experience some inconvenience while we transition our payments systems. We will temporarily remove FPS support for domestic GBP deposits and withdrawals,” declared Coinbase at the time.

PayPal Withdrawals Supported 

In an effort to alleviate the suffering brought upon its U.K. customers by the FPS debacle, Coinbase introduced a number of deposit and withdrawal options including SEPA payment, SWIFT, as well as PayPal withdrawals.

After the end of its alliance with Barclays, Coinbase forged another relationship with ClearBank and the reintroduction of GBP bank transfers could be a result of this new partnership.

To take advantage of the new payment system, Coinbase customers simply need to sign in to their account, select the “Deposit” option on their GBP wallet and follow the on-screen step-by-step instructions.

Earlier in September Coinbase announced plans to add support for 15 tokens that meet its regulatory and technical standards. The chosen cryptoassets include Telegram’s yet-to-be-launched Gram (GRM), Filecoin, Polkadot and several others.

On October 3, 2019, BTCManager informed that Coinbase has launched a margin lending service that allows users to earn a fixed amount on their USDC stablecoin deposits.

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