San-Francisco based cryptocurrency exchange Coinbase has announced that it has launched GBP trading pairs. This announcement comes just a month after the exchange announced that it would support UK banks on its platform.
Four new British Pound (£/GBP) markets added
According to a blog post by the exchange, it has launched the following trading pairs:
- LTC/GBP; and
The four trading pairs will join the already existing BTC/GBP pair that was launched a few weeks ago.
Prior to their latest moves, UK users had to deposit fiat into an account in Estonia and then go through excessive fees and commissions since it was then converted to Euros on the trading platform.
The blog post added that this move will now make it easier for its users in Britain to deposit, trade and withdraw their funds from the platform.
The blog post stated that:
With support for UK domestic bank transfers in GBP via the Faster Payments Scheme, it is now significantly easier, faster and cheaper for UK customers to trade cryptocurrencies on the Coinbase platform. Coinbase Pro is the only major digital currency trading platform that supports UK Faster Payments and it’s our goal to be the trading platform of choice for UK crypto traders.
The cryptocurrency exchange makes use of Barclays Bank in the region which makes transferring funds from other UK accounts faster and cheaper. Users can verify their account with a deposit of £2 which is acknowledged 48 hours after.
The exchange added that the Faster Payments Scheme is only available in the UK and users can conduct transactions up to £250,000.
How will the new markets open?
Coinbase further added that there will be three stages to the new pairs launch. The progress of each stage would be announced in real time via Coinbase Pro’s Twitter.
- The first stage is the post only. Here, customers are allowed to limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of 10 minutes.
- The second stage is the limit only. Here, limit orders will start matching though customers will be unable to submit market orders. In this mode, order books will be active for at least 10 minutes.
- The third stage is the full trading stage. In this stage, full trading services will be available, including limit, market, and stop orders.
The firm added that if at any point one of the new order books does not meet their assessment for a healthy and orderly market, then they will keep the book in one stage for a longer period of time. They might also suspend trading according to their Trading Rules.
Coinbase continues to grow despite the market aggressiveness
Coinbase is one of the cryptocurrency exchanges that has been venturing into new markets and releasing new products despite the aggressive nature of the cryptocurrency market.
By making it easier to deposit fiat and trade in the home currency the exchange is aiming to become the leading crypto exchange in the UK.