Coinbase Inc., one of the largest cryptocurrency exchanges , said it obtained a license for electronic money in the UK as it expands services in Europe. The firm also opened an account with Barclays Plc, facilitating deposits and withdrawals for clients.
Coinbase obtains license for electronic money in the United Kingdom
The license will allow Coinbase to provide payment services and issue electronic money in the country, which will allow it to establish more partnerships with other companies, the company said in a statement Wednesday.
The rights, granted by the country's Financial Conduct Authority, will be extended to more than 20 other countries in the European Union, he said.
San Francisco-based Coinbase , which helps investors buy and sell Bitcoin and other major virtual currencies, said that business in the EU grew at twice the pace of any other market last year and that they are hiring in the UK. United to meet the demand.
On Wednesday, the company said it will begin supporting institutional customer transactions through the UK's fastest payment scheme, a network used by the traditional financial industry.
A complete banking relationship
The firm also established a "complete banking relationship" with Barclays, Coinbase Operations Center head Zeeshan Feroz said in an interview on Wednesday.
Ultimately, customer deposits and withdrawals in the UK will be channeled through the British financial giant.
Such an account is notable because some major banks, under pressure from the government to track money flows for signs of illicit activity, have been reluctant to manage funds from firms that operate with cryptocurrencies that are often "opaque."
"We have been looking for accounts for more than a year and we have talked to several banks," said Feroz. "Barclays did us a lot of due diligence as a business. We opened our doors and we went through an open process with them. "
Coinbase plans to maintain its relationship with LHV, its current European banking partner in Estonia, he said.
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