Coinbase Will Soon Be Re-Enabling ‘Faster Payments’ for UK Customers

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Coinbase UK reportedly has a new banking partner that will allow it to soon to resume near-real-time payments for customers.

According to a report published by Bloomberg on Thursday (October 3), which quoted an unnamed source, Coinbase UK, which lost its banking relationship with Barclays back in July, is now a client of ClearBank.

Fortunately for Coinbase, ClearBank supports four payment schemes including “Faster Payments”. As a Faster Payment Participant Bank, ClearBank allows payments to accounts at other participant banks to be made in seconds. The transaction limit is £250,000 for individuals.

For crypto businesses, it is very difficult to get an account at most major banks due to their regulatory concerns and associated compliance costs.


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Zeeshan Feroz, the CEO of Coinbase UK, confirmed to Bloomberg that there was indeed a new banking relationship, but did not name the bank. He did, however, did say that Faster Payments would soon be re-enabled, thereby allowing deposits/withdrawals in under 60 seconds.

He added:

It’s a very nascent industry that is broadly unregulated so the challenge a traditional bank has is crypto doesn’t fit into one of its existing models for other industries. Understanding the crypto space and how you manage the risk requires a significant amount of investment and resources. As we look at the long term, that gap between crypto and traditional banks will be bridged.

 

Featured Image Credit: Photo via Pixabay.com

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