Coinbase Adds British Pound Support, Customers to Buy/Sell Crypto via UK Banks
Major U.S. crypto exchange and wallet has started rolling out British pound (GBP) support, according to an official August 1.
The new feature will enable Coinbase customers with UK bank accounts to conduct faster transfers, letting customers buy and sell crypto for pounds within the same day.
As Coinbase points out in their announcement, prior to adding GBP support, the process of buying or selling crypto for fiat took several days for the company’s UK customers, requiring them to first convert their crypto into euros, and then into GBP via international wire transfer.
The feature is currently available to only some existing customers, with the service promising to gradually rolled out support to all British customers “in the coming weeks.”
In their announcement, Coinbase notes that the company has been working on adding GBP support “over the last few months.”
In March, the company was an e-money license for fiat money operations from the UK’s Financial Conduct Authority (FCA). It also to the UK’s Faster Payments Scheme (FPS), a UK banking initiative aimed at reducing transaction times.
In July, Coinbase its that it had obtained U.S. Securities and Exchange Commission () permission for listing crypto tokens considered to be securities under U.S. law. The platform revealed that neither the SEC nor the Financial Industry Regulatory Authority (FINRA) had in fact approved Coinbase to act as a securities dealer, as had been previously reported.
Earlier in July, the company that it is considering listing five new cryptocurrencies on its platform, including (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), (ZEC), and 0x (ZRX).
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In a recent article, The Motley Fool examines what billionaires Mark Cuban, Warren Buffett and Richard Branson have to say about bitcoin.
The Motley Fool’s Matthew Frankel that it can be a smart idea to listen to what some of the most successful people in the world have to say, and with that, he explores what three of the world’s most respected billionaires have to say about bitcoin.
While these are merely opinions, each brings with it a unique perspective and outlook on what is very much an emerging technology and a potentially disruptive threat to their empires.
While this does highlight the volatility of the bitcoin, it also brings attention to just how sustainable the coins current high price is. However, Cuban does have a great enthusiasm for the underlying technology of the blockchain.
I think blockchain is very valuable and will be at the core of most transactions in the future. Healthcare, finance etc all will use it
In a 2014 CNBC interview, American business magnate and investing giant Warren Buffett claiming that it was a technology essentially devoid of value. During the interview, Buffett offered this advice to readers:
Stay away from it. It’s a mirage, basically…The idea that it has some huge intrinsic value is a joke in my view.
Many dismissed his comments, however, since Buffett has avoided investing in new technology throughout his career, admitting that he does not understand them well enough to invest. A cautionary lesson in research there. However, Buffett’s comments did not sit well in the tech industry where he received condemnation for his criticisms. Tech venture capitalist echoed the sentiments of many in the tech industry:
The historical track record of old white men crapping on new technology they don’t understand is at, I think, 100%.
Buffett’s comments in regard to bitcoin and blockchain technology were made 3 years ago and it is entirely possible, if improbable, that his attitude has changed since.
Not only does UK tech billionaire Sir Richard Branson speak highly of bitcoin and blockchain technology, he also suggests applications for the technology in a socially beneficial way. Using the technology to create a better, more secure and forgery-proof land titling system is just one of the real-world applications Branson envisions. This would ideal for developing countries and places where corruption is rife, as land titles are regularly disputed.
Branson also holds annual on his own private island where blockchain experts and developers, as well as the top minds across a wide range of industries, brainstorm new ideas and applications for the technology. Ultimately, his attitude towards bitcoin is that it is working, and working successfully. He does recognize, however, that there is room for even better solutions than bitcoin currently provides.
Have these Billionaires got the right idea about bitcoin? Should they be doing more like Richard Branson in promoting it and looking for active uses? Let us know in the comments below?
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