Bitcoin Exchange’s deal with the British bank for UK transactions

Barclays has accepted a Bitcoin exchange as a client. It may sound like simple news but it may have significant positive effects regarding the usage of cryptocurrency exchanges in Great Britain.

Coinbase, the San Francisco based Bitcoin exchange, as a result of its new agreement with Barclays, can open a Barclays bank account now.

Coinbase clients, according to the exchange’s spokesman, will definitely feel the difference that comes as a result of this cooperation: it will be easier to make deposits and withdraw funds from their Coinbase accounts. Before Coinbase’s Barclays account, customers had to convert pounds into euros and the transaction went through an Estonian bank. But for UK customers, domestic payments in pounds will save them some transaction cost and time.

Robert Johnson writes on “Global banks like Barclays have, so far, been reluctant to do business with companies that handle Bitcoin because of safety concerns and the uncertainty about future regulations in the industry.”

Coinbase’s spokesman said it wasn’t as easy deal with Barclays. The British bank made sure that Coinbase had all the correct systems in place to stop money laundering before they shook hands.

This is the first crypto-currency agreement between a crypto-currency exchange and a British bank. This step from Coinbase creates a better customer experience and will definitely widen their popularity in the UK.



Zsolt Balló