Cryptocurrency exchange Coinbase has signed a deal with British Bank Barclays and got access to the interbank system, Faster Payments Scheme, which provides faster transfers. This should make British users of the cryptocurrency exchange is the process of depositing and withdrawing funds, as they had to use the services of one of the Estonian banks.
Coinbase also received a license from the financial supervision authority (FSA) in the UK, which allows you to issue electronic money and provide payment services in the country. So Coinbase has actually been likened to other financial institutions in the country, as it will be subject to the same requirements and have almost the same features. However, the company still has to go through several further checks, for example, the segregation of customer funds.
This means that customers ‘ investments in cryptocurrency and Fiat deposits are kept separate from each other. This is done to ensure that in case the company Coinbase will cease to exist, Fiat customer assets disappeared along with her. However, this does not mean that the funds are 100% safe, as it is not a full banking license, under which deposits are protected by the regulator, as it does not affect the security of cryptocurrency wallets on Coinbase.
The CEO of the British representative Coinbase Zeeshan Feroz (Zeeshan Feroz), said that «under this license, Coinbase transactions with electronic money should be held in strict accordance with the FCA rules, KYC and the Directive on payment services. As for customers, it will definitely help us provide a better user experience through new partnerships and facilitation of the use of the product».
This licence not only gives access to a huge payment to UK market (the largest in Europe) and facilitates the activities of the company, but also allows you to work in other 23 European countries. However, this will only be possible if the UK leaves the EU, as can happen after a Brexit. In this case, Coinbase will winogene to open another office in the EU. But now this issue is not considered and all efforts are focused on increasing staff in the UK. It is planned that the number of employees will be increased in 8 times, so it could afford to meet the growing demand.