Coinbase Announces Faster Payments For U.K Residents
Leading crypto exchange platform Coinbase has announced a faster payments system for its users in the UK using the Great Britain Pounds.
Coinbase Pro and Coinbase Prime customers in the U.K can now make faster payments and almost immediate transfers with the GBP. In the announcement, Coinbase stated:
“Until now, the process of converting bitcoin, bitcoin cash, ethereum and litecoin into euros and then into pound GBP, via international bank transfer, took several days. Customers will now be able to transfer pound GBP and use it to directly buy and sell these cryptocurrencies.”
Although the support GBP on Coinbase is currently live, it is available only to a few of its customers. However, Coinbase has noted that it will be rolling it out the new feature to all its UK customers in coming weeks.
Coinbase solves a major problem
Before now, crypto users in the UK had to convert their funds from pounds to euros before they can purchase digital assets and vice versa to cash out their funds.
This has been particularly problematic as the procedure can attract fees which could be as high as €10 per transaction.
Now Coinbase supports the use of GBP on the platform, the bottlenecks of conversion of funds from GBP to Euros and back for transactions have most likely been removed.
The support also solves the problem of difficulty in the withdrawal of funds which customers have complained about for long. An almost instant conversion of funds from digital assets to fiat currency should actively solve this problem.
This feature which allows customers to make almost instant transfers and conversion of digital assets to fiat currency on Coinbase should draw more people to the use of cryptocurrencies.
Coinbase moves towards mainstream acceptance
Coinbase, which boasts a user base of 20 million, has been aggressively expanding through its services and partnerships as the platform stands at the forefront of cryptocurrency adoption.
With the above announcement, Coinbase revealed that it is exploring plans to expand its custody service to include 40 more assets, including XRP, which is the third biggest cryptocurrency by market cap.
According to Coinbase, supporting more cryptocurrencies in the future will help for widespread adoption.
“This increased access will lead to more widespread adoption, and ultimately, moves us closer TO our goal of an open financial system.”
Although the announcement has been made, the company also said the plans to add all 40 of the assets are not definitive. Due to the nature of some digital assets, they may take a longer time to integrate.
Following the announcement yesterday that it was enabling GBP support for UK based customers on its trading platform, today Coinbase announced a new e-payments app for web-based marketplaces.
According to the PR, the new e-payments app will see Coinbase offer cryptocurrency payments for merchants anywhere in the world on the web-based marketplace.
“We’ve been hard at work the past few weeks and are happy to announce a WooCommerce plugin and a few other new features,”
The plugin is now available on the Coinbase Github with instructions on how to add it to WordPress. Coinbase hopes that the majority of websites will enable crypto payments to increase overall adoption.