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Cryptocurrencies

Barclays no longer works with crypto exchange Coinbase

Wednesday 14 August 2019 | 10:42 AM CET

Barclays, a UK-based global bank, is no longer working with cryptocurrency exchange Coinbase, according to CoinDesk.

As a result, the end of the relationship disrupted Coinbase’s access to Faster Payments Scheme (FPS), which in turn slowed deposits and withdrawals in GBP for UK customers, which now take days to process.

Still, the situation is temporary, as Coinbase found a replacement in UK upstart ClearBank, the online publication added. One of the UK “challenger banks” that have sprouted up in recent years to compete with market incumbents, ClearBank is expected to restore Coinbase’s FPS access by the end of Q3, 2019.

Barclays, ClearBank and Coinbase all declined to comment.

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