Coinbase Adds British Pound (GBP) Metric For UK Crypto Users

One of the largest crypto exchanges out there, Coinbase, has recently included the British Pound (GBP) metric on its website.

The news about the addition was also announced by the firm this Wednesday. According to the exchange, its UK division will now offer same-day deposits and withdrawals from the platform. This will result in immediate transfers.

On top of this, the CEO of Coinbase UK wrote that the system will replace the previous method which prompted users to convert their cryptocurrencies into Euros before converting them (another time) into British pounds.

The new process doesn’t take several days and skips the entire hiccup altogether. As Feroz explained:

“Customers will now be able to deposit and withdraw pound sterling and use it to directly buy and sell cryptocurrency – for the first time. Customers will not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from GBP to euros and vice versa to add and remove funds, there will be no more exchange rates.”

According to Coinbase UK, several customers already have access to GBP wallets and all of the UK customers will receive the access over the next few weeks.

Feroz is confident that both individual and institutional customers will benefit from this news. He also added that the new wallets “will allow investors to make almost immediate transfers, an essential feature for traders and hedge funds who need to be able to enter and exit their positions quickly.”

In another statement, he noted that Coinbase is working on expanding its services in Europe and the UK, especially after getting the e-money license earlier this year.