Coinbase Begins GBP Withdrawal-Deposits
In a new announcement, Coinbase has started offering GBP deposits and withdrawals, marking them as the first centralized cryptocurrency exchange to do so. As the platform stated, GBP deposits and withdrawals will be available for customers and exchange users at Coinbase Pro and institutional investors at Coinbase Prime.
As the platform has said, accelerated payments will provide several benefits to all the UK customers through instantaneous transactions and transfers, especially Pro and Prime users given the number of transfers and their size seen in more transactions.
Following certification from the FCA, the platform announced earlier this year that a bank account had been opened through Bclays after the company’s licensing. In regards to this, platform users will now be able to send or receive withdrawals and deposits with almost no delay whatsoever, providing a vital solution to users and transaction speed.
As of now, the new features and service are available limitedly for current users all through the service will be released to each cryptocurrency involved member within the UK. So far, only ETH, Bitcoin, BCH and LTC are presented. Cardano, Steller and more altcoins are also being taken into the listing though process as more expansion means more listings and currencies.
As Coinbase steps into the UK market, the company will most likely see heavy increases in offerings within the next few months given the almost untouched sector of the market and the room available to grow. Despite a lack of any serious competition, Coinbase has been the target of several accusations regarding the overuse of algorithms to verify and authenticate and how several misleading results have raised complaints and criticism.
Additional verification is required for Coinbase Pro and Coinbase since neither of them seems to be integrated in any way. For whatever reason, verification on Coinebase Pro using algorithms usually leads to a misleading no, while the same algorithm seems to be positively performing. A possible monopoly over the crypto-industry may occur within the UK due to the lack of competition in crypto within the borders. Additionally, users continue to pay unbelievable prices by Coinbase and as MT Gox has stated, this event should be avoided in any way.