Coinbase Signs a Historical Deal With UK Bank Barclays

Coinbase Signs a Historical Deal With UK Bank Barclays

British crypto enthusiasts’ dreams, perhaps, have come true. Now it is easier for them to trade cryptos as one of the most considerable cyber money trading venues has signed up an exceptional deal with a multinational financial services company, headquartered in the UK.

It is all about Coinbase which acquired a bank account with Barclays. According to exchange’s claims, it is believed to be the first deal of such a type in the history of the crypto market.

Coinbase Making History

The encouraging crypto news was announced last week by the UK head of Coinbase, reports Reuters.

The international media agency also emphasizes that usually influential worldwide financial institutions are averse to dealing with crypto firms as it is broadly accepted that they are used by criminals for malicious purposes.

By contrast, Coinbase claimed it is the first cyber assets bourse to be given an electronic money license by the British financial control authority before formalizing the deal with the bank.

Who Will Win?

The deal is hailed to be a benefit for UK-based clients. Before the agreement was signed, they had to convert GBP into EUR and then to pass an Estonian financial institution.

Zeeshan Feroz, the head of British Coinbase’s subsidiary, said that now the inner pound payments with Barclays will make transactions not only faster but also cheaper.

How Coinbase Managed To Conquer The Heart of Barclays?

According to Feroz’s words, the whole process of making a deal was time-consuming. That’s because the British bank had to make sure that Coinbase had powerful mechanisms to prevent money laundering.

That cannot be underestimated at the time when governments all over the globe try to tackle the use of cryptos, whereas countries’ largest lenders are reluctant to deal with cryptos.

It is also noteworthy that in Europe, Britain is the most significant market for this San-Francisco-based cyber money bourse.