One of the largest cryptocurrency exchange, Coinbase has two updates to share, firstly, the UK’s Financial Conduct Authority (FCA) has granted an e- money license. Another update is that Coinbase is the first ever crypto exchange to support quick payment scheme in UK.
The FCA’s license will allows Coinbase to issues e-money and provide quick payment services in UK. Since, the process need to follow the strict rules prescribed by the FCA. In return, it helps customers to experience better service and an easy way to use product.
Coinbase UK CEO Zeeshan Feroz explains:
“We are committing to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions. An example of this is segregation of client funds, where all customer fiat balances will be separated from Coinbase’s funds and kept in separate bank accounts”.
Additionally, the FCAs will further extend to more than 20 European Union (EU) countries. The business said that EU is grown at multiple pace comparing to other market last year. Till date, UK users used to depend on Estonian bank for each transaction. But for now, with the support of Faster payment scheme will eventually become reachable to all user at UK.
UK regulators and financial authorities have warned on cryptocurrencies volatility. Barclays, the largest bank in UK which is open to engage with crypto industry. In the previous June, Ashok Vaswani, UK Chief Executive spoke about financial technology firms and the regulator about involving cryptocurrencies “into play”.
Fastest Payment Scheme Support
Coinbase adds user friendly support for UK’s Faster Payment Scheme (FPS). It offers an easy payment process and maintained by all major banks in UK. By next week, UK customers will be rolling out with fast, safe and seamless bank transfers and with easy Coinbase experience.
Nevertheless, Coinbase crypto exchange with its new acquired e-money license and Barclays own bank account wishes to fulfill EU market demands. Notably, it is aiming to explore its team of existing employees by eight times more this year.
Coinbase also said that its first crypto exchange to use Britain’s Faster Payments Scheme. Likewise, people on twitter have showed have positive response towards Coinbase updates announcement.