According to sources at CoinDesk, Barclays, the London-based World Bank, no longer works with the Coinbase cryptocurrency exchange.
An amazing cooperation
In 2018, we were amazed by the partnership between Barclays and Coinbase. Actually, the agreement between Barclays and Coinbase represented a big step forward for the bank, a sector that many other banks have so far rejected to be too risky. Barclays has become a rare global bank to enter the cryptocurrency industry by signing Coinbase exchange operator as a customer.We all know that the deposits of the users of Coinbase in the UK are placed in a new customer account at Barclays.
Unfortunately, it seems that this cooperation has ended.
A new partnership?
Coinbase has already found a replacement in ClearBank UK but that does not prevent the fact that it has caused an issue with users of the stock market, according to people familiar with the situation. Simply put because Barclays has connected San Francisco-based Coinbase to the British Faster Payments Scheme (FPS) system, allowing users to instantly withdraw and deposit sterling on the exchange.
As a result, the decision to end the cooperation between the two entities disrupted Coinbase’s access to the FPS, which slowed deposits and withdrawals in GBP for UK customers, a process that now takes several days. Thanks to the new relationship of ClearBank and Coinbase, the problem will be solved in a short time. ClearBank, one of the UK’s “competing banks” that have grown in recent years to compete with incumbent market operators, is expected to restore access to the Coinbase SPF by the end of the third quarter. Meanwhile, Barclays, ClearBank and Coinbase all refused to comment.