Crypto exchange Coinbase adds support for British Pound for UK customers

Cryptocurrency exchange Coinbase has enabled deposits and withdrawals in the British pound (GBP), the company announced on Thursday.

Coinbase U.K. chief executive Zeeshan Feroz made the announcement in an online post. He wrote:

“Starting today, we’ll begin rolling out British pound (GBP) support for UK-based customers of Coinbase (individuals), Coinbase Pro (active traders) and Coinbase Prime (institutions).”

He explained that the existing process involved converting the cryptos into euros and then into pound sterling, via international bank transfer, which took several days. However, the support for GBP will now facilitate faster payments with same day deposits and withdrawals from Coinbase to British bank accounts.

“Customers will now be able to transfer pound sterling and use it to directly buy and sell these cryptocurrencies,” Feroz said. “Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.”

He concluded saying that the GBP support is now live for some of the existing Coinbase, Coinbase Pro and Coinbase Prime customers, adding that company will continue to roll out this feature to all UK customers in coming weeks.

The announcement comes on the heels of Coinbase’s recent partnership with digital gift card provider WeGift, which enables the EU and Australia-based customers to instantly spend their cryptocurrency balances on e-gift cards.