Coinbase one of the cryptocurrency exchanges most used in the world has chosen to permanently close its relationship with the Barclays bank in the United Kingdom, and to offer UK residents new services thanks to the partnership with ClearBank.
Barclays and Coinbase for several years they have had a partnership that can be considered truly historic, but the exchange has taken, even if not out of will, the decision to rely on ClearBank and change bank support. During all these years, Barclays has allowed Coinbase to use FPS or the UK Faster Payments Scheme, to make instant withdrawals and deposits to all users of the platform. In fact, the service has allowed us to accelerate over time the purchase of digital currencies with pounds.
After closure of the partnership with Coinbase, however, there has been an inability of customers to use the FPS, as also confirmed from the article on the official blog the Exchange. The lack of this system has led to several slowdowns in the processing of the various deposits and also for withdrawals during the past weeks, for apologize for this inconvenience the exchange lowered the fees charged by users.
La termination of the relationship with Barclays it was not detected, but for many it is clear that with the loss of the FPS, Coinbase has not gained anything, indeed. For this reason, there is a general belief that Barclays wanted to break off relations with the exchange and not vice versa.
A new partnership for Coinbase with ClearBank
Willy-nilly, Coinbase had to change the support bank and finding one is not as simple as it may seem, in fact there are many Credit Institutions that do not want to collaborate with the exchanges, especially for the bureaucratic difficulties and problems, the absence of specific regulation and waiting for clearer legislation.
However, the situation seems to have relaxed when Coinbase has managed to start a new collaboration with Clearbank that could lead the exchange to reuse the FPS system needed to make incoming and outgoing transactions faster and smoother.
After entering Clearbank, earlier in the week Coinbase decided to deleting the ZCash cryptocurrency (SEE ZCASH QUOTATION) this decision stems from the bank's frowning upon this digital currency and the privacy features that are offered by the cryptocurrency.
In addition, Coinbase is working with ClearBank, also to succeed in making the exchange adhere to the new one BitStamp Faster Payments system.