Yesterday, September 28, 2018, Coinbase posted an announcement on their blog that reveals it will allow users to deposit and withdraw British pounds (GBP) to their accounts.
Previously, users were able to buy and sell with their GBP, but they could not deposit it to their Coinbase wallets. The only currencies accepted were USD and EUR. Coinbase first announced it would support GBP deposits and withdrawals in June, and then rolled out support for some users in August.
This development means GBP is available to all UK users. If Coinbase users wanted to deposit fiat into their account, they would have to swap their GBP to EUR (paying a fee), then transfer the EUR to their account. Now, GBP can be deposited directly – with no fees.
As of today, all UK customers now have the ability to deposit and withdraw GBP on Coinbase, Coinbase Pro and Coinbase Prime. If you’re a customer in the UK and don’t see your GBP wallet, check your account settings and make sure your country is set to UK. https://t.co/FrwTQARgPf
— Coinbase (@coinbase) September 28, 2018
Expanding wallet support to the GBP means that Coinbase users can now store fiat currency on their Coinbase account and buy and sell crypto-assets when they please. This also means that Coinbase Pro and Coinbase Prime can be used with the GBP.
If a user from the UK does not see the “GBP Wallet,” it is advised to go over to account settings and double-check whether the account is set to the UK, and not another country. Coinbase now has local wallet support for the USD, GBP, and EUR. Users can still buy and sell with other currencies, including cryptocurrencies. Storing fiat on the platform is only available in these three.
The biggest benefit to UK customers is that they can now buy and sell crypto-assets on Coinbase with no fees. A standard buy or sell order on Coinbase costs 1.49%. Now that there are GBP deposits available, UK users can deposit GBP to Coinbase Pro for free.
Coinbase Pro, Coinbase’s advanced user interface, allows users to place limit orders and pay zero fees. Although a bit more complicated, this technique can save users a lot of money. Notably, the cryptocurrency launched earlier this month GBP-based pairs on Coinbase Pro, which according to available data saw over $114 million worth of trades in the last 24-hour period.
Coinbase noted that “domestic GBP payments will take less than 30 minutes to transfer in and out of your account.” It’s now the 4 exchange to accept GBP directly. Others include CoinsBank, Coinroom, and Cryptonex. The San Francisco-based compaany has already recently launched its Coinbase Bundle.