in , , ,

Coinbase and Barclays part ways: Banking support comes to an end

London-based global banking service, Barclays has ended the year-long partnership with Coinbase. Coinbase has teamed up with another banking service, ClearBank to continue their work in the U.K.
London-based global banking service, Barclays has ended the year-long partnership with Coinbase. Coinbase has teamed up with another banking service, ClearBank to continue their work in the U.K.

London-based global banking service, Barclays has ended the year-long partnership with Coinbase. The partnership with the in-house banking service allowed the San Fransico based Coinbase to have access to the U.K. Faster Payments Scheme(FPS), which helped the users to withdraw and deposit British pounds at the exchange.

This end of the partnership leads to Coinbase losing access to the FPS service, which caused the withdrawals and deposits in GBP to slow down for the U.K. customers. This problem faced by the customers and the exchange is temporary since they have teamed up with another banking service, ClearBank. ClearBank has seen steady growth over the years in the banking sector of U.K., and they’ll be able to help out Coinbase by giving them access to the FPS service by the third quarter of the year.

ClearBank has given Coinbase carte blanche. Coinbase de-listed Zcash from their website because the way that cryptocurrency works is by masking the details of transactions from the blockchain watchers. ClearBank and Coinbase didn’t want to associate themselves with a currency that might make the job of law enforcement even harder.

Avatar

Written by Vineet Chaudhary

Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Verizon media the parent company of Yahoo announced that they have sold Tumblr to Wordpress for speculated amount of 20 million dollars

Tumblr sold twice within a decade, could blockchain have saved it?

As the political situation keeps on getting worse in Argentina and Hong Kong Bitcoin is being trading at a premium of more than 4%.

Political situations worsen in Hong Kong and Argentina, investors turn to Bitcoin