Coinbase has become the first crypto-exchange to support the UK’s Faster Payments Scheme, and has also been granted an e-money licence by the UK’s Financial Conduct Authority (FCA).
The e-money licence from the FCA will enable the company to issue e-money and provide payment services in the UK. The licence also requires Coinbase’s e-money operations to meet the strict rules enforced by the FCA and the Payment Services Directive. The licence will extend beyond the UK to 23 countries within the EU.
In another first, Coinbase will add support for the UK’s Faster Payments Scheme through a tie-up with Barclays. By replacing SEPA for UK customers, Faster Payments will offer a familiar payment experience and will be supported by all major UK banks.
The company will initially pilot the payments system with a small number of institutional users, before rolling out to all UK customers in the coming weeks.
Coinbase also revealed plans to expand its London team eight-fold by the end of the year, due to the significant growth in demand of cryptocurrencies over the past year.
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