Barclays Revokes Banking Relationship with Coinbase | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
Barclays, a London-based multinational bank and financial services company, has reportedly severed ties with a leading crypto exchange, Coinbase, according to industry sources on August 14, 2019
Barclays Shuts it Doors Against Coinbase
After more than one year of a glorious relationship between Barclays, one of the oldest and most powerful financial institutions in the world, and Coinbase, the former has reportedly severed its business ties with the exchange.
Per sources close to the development, though Coinbase has inked a new partnership deal with another U.K. bank named ClearBank, Coinbase users in the region are no longer enjoying super fast transfers of GBP to and from the exchange due to the unavailability of the Faster Payments Service (FPS) brought about by the “lost love” between Barclays and Coinbase.
For the uninitiated, the FPS is a U.K. banking initiative that significantly reduces transaction times between different banks from the usual 3 working days to just a few seconds.
While the new banking relationship between ClearBank and Coinbase is expected to restore the FPS, Coinbase users in the U.K will however have to wait until the end of Q3 2019 for that to happen.
Banks Still Wary of Cryptos
Though Barclays and Coinbase are yet to release official statements concerning the matter, some observers have made varying comments concerning the development.
“I understand that Barclays’ risk appetite has reduced a little, but i’m not sure why or what is behind the change.