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You Can Now Exchange British Pound (GBP) for Crypto on Coinbase

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You Can Now Exchange British Pound (GBP) for Crypto on Coinbase

Coinbase Pro has big news for UK-based crypto-users this morning. You can now exchange British Pound (GBP) for crypto on Coinbase. Today, Coinbase Pro launches crypto trading to support their UK-based customers. Though exchange between bitcoin (BTC) and British Pounds (GBP) previously existed on the platform, new developments promise increased efficiency and affordability for U.K. domestic bank transfers on Coinbase.

Crypto Trading Pairs for GBP

In addition to increased ease of exchange, a number of new crypto-GBP trading pairs have been introduced, as well. The new developments rely upon the Faster Payments Scheme and the addition of these capabilities will make Coinbase Pro is the only platform of its type supporting Faster Payments from the United Kingdom. Faster Payments Scheme (FPS) is a UK-based banking initiative which aims to reduce payment times from bank to bank. Coinbase pro hopes to become the top trading platform for UK-based cryptocurrency traders.

The newly introduced GBP-crypto trading pairs include Ethereum (ETH)–GBP, Ethereum Classic (ETC)–GBP, Lifecoin (LTC)–GBP, and Bitcoin Cash (BCH)–GBP. And of course, the already available Bitcoin (BTC)–GBP pair.

The Launch in Stages

Though much excitement is being generated within crypto communities on account of this new developments, we must be patient. Coinbase Pro will be rolling out the trading pairs in stages. The stages will happen as follows:

  • First Stage: This first stage will be post-only. During this stage, customers will be able to post limit orders, though there will be no completed orders.
  • Second Stage: During the second stage, limit orders will be able to be done to completion. Though, in this stage, market orders will not be available.
  • Third Stage: The third and final stage will allow full trading services.

Coinbase Pro will remain in any of the three stages, as needed if the new order book does not satisfy their assessment.

The Future of Coinbase Pro

As many crypto trading platforms have experienced, Coinbase Pro has been in the midst of a huge decline in trade volume recently. Though, new developments such as these may keep them at the forefront of the crypto exchange industry. As cryptocurrency becomes more accessible and simple for traders around the world, we may see adoption rates increase significantly.