One of the most popular cryptocurrency exchanges, Coinbase, has announced that they are going to launch a new pairs of cryptocurrencies to trade with the British pound. Coinbase revealed in their blog that they are going to provide the facility of exchanging their pounds for Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Bitcoin Cash (BCH) for the UK users using the Pro platform. Ethereum Classic (ETC) was added to the list in mid-August.
Coinbase already provides the exchange of bitcoin with pounds but this will provide more options for the UK users. Each new pair would have to go through a post-only phase then a limit-only phase before full trading services can be made available.
The post-only phase will allow the exchange to post a limit order but it would take a minimum of 10 minutes for the matching to occur. The limit-only phase will start matching the limit orders from the post-only phase but won’t allow any market orders to be submitted. This phase would also require another 10 minutes minimum. The full trading phase is where all the trading services are available including the limit, market and stop orders.
Coinbase announced earlier this year that they are going to provide support for Faster Payments Scheme in the UK. This shows that the exchange is keen on taking steps to further improve the user’s experience for the UK users. Coinbase Pro is the only major cryptocurrency exchange that supports the Faster Payments scheme in the UK. They aim to be the trading platform of choice for UK users. All UK customers now have the facility to send British Pounds to their Coinbase accounts via bank transfer in advance of the launch of the trading pairs. The exchange has obtained a e-money license from the Financial Conduct Authority (FCA) and has also became the first cryptocurrency exchange to hold a bank account with a major UK bank.
Their previous method of funding accounts consisted of converting pounds to euros. This process would take days to complete via bank transfer and is also very costly. The current method has replaced this method. In August 2018, Coinbase told Hard Fork that the Faster Payments is a UK scheme that is not available outside the UK. But if this proves very successful, then it’s only a matter of time before it will reach the other parts of the world.