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Coinbase has entered into a partnership agreement with the British bank Barclays


The Coinbase exchange has concluded a deal with the British bank Barclays and has access to the inter-bank system Faster Payments Scheme, which makes faster transfers. This should facilitate the process of depositing and withdrawing funds for British users of the crypto exchange, because before that they had to use the services of one of the Estonian banks. Coinbase also received a license from the Financial Supervision Authority (FSA) of the United Kingdom, which allows the issuance of electronic money and provide payment services on the territory of the country. Thus, Coinbase was in fact equated with the rest of the country's financial institutions, since it will obey the same requirements and have almost the same opportunities. However, the company still has to pass several additional checks, for example, on the separation of customer funds.

This means that customer deposits in cryptocurrencies and fiat deposits will be kept separately from each other. This is done so that in the event that Coinbase ceases to exist, the assets of the clients of the company have not disappeared with it. However, this does not mean that the funds are 100% secure, as this is not a complete banking license, in which the deposits are protected by the regulator itself, and this does not affect the security of the Coinbase cryptocurrency wallets.

The director general of the British Coinbase representative, Zeeshan Feroz, said that "according to this license, Coinbase operations with electronic money must be strictly in accordance with FCA, KYC rules and the Payment Services Directive. As for customers, this will definitely help us to provide better interaction with users through new partnerships and simplification of product use. "

This license not only gives access to the huge payment market of Great Britain (the largest in Europe) and simplifies the company's activities, but also allows working in the remaining 23 countries of Europe. However, this will only be possible if the UK does not withdraw from the EU, as it may happen after Brexit. In this case, Coinbase will be forced to open another office in the EU. But now the company does not consider this issue and all efforts are aimed at increasing the staff in the UK. It is planned that the number of employees will be increased 8 times so that it can meet the growing demand. 

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