Zeeshan Feroz, CEO (UK) at Coinbase, announce through a blog post the support of Coinbase for British Pound (GBP) for UK-based users on August 1. The change will be integrated for users of Coinbase, Coinbase Pro as well as Coinbase Prime.

Before this update, the Coinbase users in the UK were having a hard time buying/selling cryptocurrencies on the platform. The process involved the conversion of cryptos to euro and then conversion of euro into pound sterling through an international bank transfer which took several days to complete.

Further, the SEPA fees for such transactions were considerably high and could hit as much as 10 euros

The results are shown by Coinbase definitely reflect the amount of hard work put in by the team over a period of the last few months.

“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space”

The company has obtained an e-money license from the Financial Conduct Authority for fiat operations. Additionally, the company has also added support for Faster Payment Scheme and has become the first major exchange to open a bank account with a major UK Bank.

The feature will facilitate same-day transactions as well as easy withdrawals and deposits from the Coinbase account.

The GBP support is live right now for a few customers and the exchange will soon roll out the feature for all the UK customers soon.

The overall growth of Coinbase in the European Union has been phenomenal as it grew at double the pace of any other market. The company also launched a gift card programme to increase the usage of its dormant accounts.