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.