Leading cryptocurrency exchange Coinbase first announced in August that hot weather would commence to offer British Pound transaction support for UK customers. Yesterday, Coinbase stated that its UK platform would feature Bitcoin plus 4 altcoins for GBP transactions. The brand new coins are: Ethereum , Ethereum Classic , Litecoin and Bitcoin Cash . The ultra-modern trading pairs are set to launch on Friday, September 7, at 9am BST.
“With support for UK domestic bank transfers in GBP by way of the Faster Payments Scheme, it has become significantly easier, faster and cheaper for UK customers to trade cryptocurrencies about the Coinbase platform,” reads yesterday’s writing from Coinbase. “Coinbase Pro certainly is the only major digital foreign exchange trading platform that supports UK Faster Payments as well as it our goal to always be the trading platform of choice for UK crypto traders. Prior to the launch of this new trading pairs, all UK customers depend on access to send GBP within their Coinbase accounts via domestic bank transfer.”
The GBP trading pairs are scheduled to launch in three phases, each phase independently for each new order book. Coinbase will be undergoing assessments to ensure that a healthy market during each book and will suspend trading anytime during testing.
There might be two 10-minute testing phases then a observed at close range full trading launch. The 1st phase enables customers to post limit orders, but there’ll be no matches . This is followed by a limit-only phase, wherein limit orders will commence matching but customers shall be unable to submit market orders. Adopting the completion of two preliminary phases, Coinbase will get into full trading services, including limit, market and forestall orders.
The UK has turned into a target sell for large cryptocurrency exchanges lately, with Binance and Huobi both actively racing into market against Coinbase. In March, Coinbase obtained a bank account with Barclays, the UK’s largest bank, as a result of make GBP trading easier for its British customers. The sale marked the most important major partnership from the UK bank along with cryptocurrency exchange. That same month, Coinbase was granted an e-money license from the UK’s regulating Financial Conduct Authority, adding further support within the exchange’s Faster Payments Scheme.