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U.S. Coinbase: Impact on sterling deposits and withdrawals due to abolition of partnership with Barclays Bank

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Coinbase, the largest cryptocurrency exchange in the United States, has lost its partnership with Barclays Bank, one of the biggest UK banks and one of the Big Four, and Clearbank, a challenger bank for UK users to deposit and withdraw Coindesk reports that it is planning to partner with the company.

Barclays is one of the four largest banks in the UK and is in a position such as 3 mega Sumitomo Mitsui Banking in Japan. Established in 1896, it’s a bank that no one in the UK knows about. Coinbase is the largest virtual currency exchange based in San Francisco based in the United States and allows users to use the real payment system UK FPS (Faster Payments Scheme), which enables instant money transfer between banks in partnership with Barclays. (GBP) was able to deposit and withdraw immediately.

Coinbase’s loss of partnership with Barclays will prevent UK Coinbase users from accessing FPS. According to the official announcement of Coinbase, “ From July 31st, 2019 at 12:01 am BST, we will temporarily remove FPS deposit and withdrawal support by FPS ”, instead of to UK users from August 1 to August, The transaction fee will be discounted over the 15th.

Challenger Bank, also known as Neo Bank, is a UK emerging retail bank that has been attracting attention in recent years due to large investments by venture capital. ClearBank, Coinbase’s partnership to offer FPS to UK users, is one of the challenger banks and one of the fastest-growing banks in recent years.

Coinbase says it is planning to reopen FPS to UK users by the third quarter instead of a partnership with Barclays Bank. Coinbase and Barclays Bank both declined to comment.

According to the Coinbase Blog, you can purchase virtual currencies such as Bitcoin and Ethereum with a debit card or credit card in the shortest time even when FPS is stopped. Other options include euro deposits using SEPA Payment (Single Euro Payment Area Payment), which can be settled in member countries, and deposits by SWIFT remittances over 10,000 pounds.

There are also options for withdrawal from Coinbase, such as withdrawal to a Paypal account, similarly withdrawal to SEPA payments, £ 10,000 SWIFT transfer, ATM withdrawal from Visa debit card issued by Coinbase, as FPS Although it is not as fast, it seems that it is possible to withdraw pounds and buy and sell bitcoins without any problems.

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