Cryptocurrency exchange giant, Coinbase is adding further support for the Pound Sterling. This latest move will make it easier for users in the United Kingdom to purchase cryptos on the platform using local currency.
A Major Move
The exchange revealed on its official platform that starting from September 7, users of the platform in the U.K. will have the opportunity to exchange the British Pounds for cryptocurrencies like Ethereum, Bitcoin Cash, Litecoin, Ethreum Classic and others supported on the Coinbase platform.
Although the leading exchange already offers trading pairs between Bitcoin and the Pounds, with the introduction of other coins, the platform gives the users the power of choice and not restrict them to only Bitcoins.
The process will not be a one-off thing; it will go on in three phases, to ensure a seamless and orderly adoption of the market.
Reiterating their stance to make the process go through stages, the company said in a statement that,
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one stage for a longer period or suspend trading as per our trading rules.”
However, Coinbase has already given its users in the United Kingdom the privilege of funding their account on the Coinbase platform using the British Pounds.
The firm revealed further that the process is not just conceived, but it has been in the offing for quite a while but just getting to the mainstream after a lot of effort. A statement from the official blog of the platform reads:
“We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our products 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.”
Amidst the growing rate of acceptability of cryptocurrencies world over, observers and analysts are of the opinion that the coins will soon replace the traditional fiat currency, especially in nations facing economic sanctions from the United States government and are looking for every available means to stay financially relevant and economically healthy.
This latest move by Coinbase will cement its place as one of the biggest cryptocurrency exchanges globally, due to its innovation of bringing crypto closer to the people.