Coinbase customers in the UK will now be allowed to purchase digital currency on the exchange using the British Pound, instead of being forced to rely on the euro for those transactions. The change was announced by Coinbase in a blog post on Wednesday.
The new option is expected to save those customers time and money, making it simpler than ever for the company’s UK users to obtain digital currency without the delays and foreign exchange costs they previously encountered. The company detailed the benefits to customers in its blog post:
“Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly.
Coinbase, Coinbase Pro and Coinbase Prime GBP support is now live for some of our existing customers, and we will continue rolling this out to all UK customers in the coming weeks.”
Coinbase is expected to add support for pound sterling trading pairs like GBP-BTC and GBP-ETH over the next few weeks. The new option could encourage higher cryptocurrency transaction volume in the country, which would be an important development for the industry given that the UK has the fifth-largest economy in the world.