Coinbase is an industry leader of cryptocurrency exchanges by user numbers and trading data, but more importantly the organization holds tightly to maintaining regulatory compliance. Because of this, their currency diversity does not match that of other exchanges. However, the company has shared plans for expanded offerings, and has now made good on adding Ethereum Classic (ETC), and integrating fiat deposits and withdrawals with the British Pound for UK users.
Starting today Coinbase will take on only ETC inbound transfers for 24 to 48 hours. This process is made to guarantee a minimum level of liquidity for users of Coinbase Pro and Coinbase Prime, where the coin will first be available for trading. Within two weeks, ETC will be made available on the standard platform, Coinbase Consumers.
Coinbase is putting in extra work to maintain a fair approach. Users who held their ETH balance at the time of Ethereum’s hard fork that created ETC in 2016 will receive their corresponding balance of ETC into their new Coinbase ETC wallet.
Last week Coinbase officially began accepting GBP same-day or near instant deposits and withdrawals in some areas of the UK. Integration will be an ongoing process to ensure proper functionality and regulatory compliance. All U.K. customers will gain access over the course of August.
Coinbase is also joining a movement to increase financial efficiency in the UK through the Faster Payments Scheme. The banking initiative was created in the early 2000s by Santander, Barclays, Citi, and many of the most prominent financial institutions in Europe. The goal was to reduce the three day or more confirmation time for transactions between most financial institutions and businesses. The new payment channel launched in 2008, providing much more efficient bank transfers to residents - generally one day.
Other Coin Additions
Last month Coinbase shared that they were working on the addition of Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
By: BGN Editorial Staff