On Wednesday, Coinbase, the San Francisco company revealed that it will now be able to deposit and withdraw funds in British Pound.
In the past, Coinbase UK customers had to change their cryptocurrency holdings into Euro and then into pound sterling through international transfers. The process was very expensive; for example, SEPA fees could go as high as ¢10 per transaction. The EUR-to-GBP conversion used to take a long period of time to complete. Yet, with the GBP’s inclusion to Coinbase portfolio, UK customers can expect immediate deposits and withdrawals at lower costs.
Over the years, Coinbase has developed from a small Bitcoin wallet startup to an established crypto-trading house. The company currently serves users of various trading needs through its various product offerings. For users, Coinbase offers its signature wallet services; whereas for active and institutional traders, the company offers a dedicated digital asset exchange referred to as Coinbase Pro, and a diversified liquidity pool known as Coinbase Prime.
“Faster payments will benefit all UK customers, enabling almost immediate transfers,” the company blog reads. “This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.
The initiative could also develop Coinbase trading in the UK market. Presently, Coinbase’s UK market share is about 19.34 percent, which far behind and falls behind Luno. Referred to by its previous name, Bit-X, Luno’s shares presently stands around 57.53 percent of the global BTC/GBP market share.
For the time being, Coinbase hosts the second largest Bitcoin volume compared to all fiat currencies, with its latest semi-annual standing around 13.03 percent. The company has recorded 3.07M BTC worth of joint USD and EUR volume in the past six months.