Coinbase has shared plans for expanded coin support, and is now finalizing additions of Ethereum Classic (ETC), and British Pound support for UK users.
Coinbase is an industry leader of cryptocurrency exchanges by user numbers and trading data, but more importantly the organization holds tightly to maintaining regulatory compliance. Because of this, their currency diversity does not match that of other exchanges. CEO Brian Armstrong has been outspoken about the growing cryptocurrency industry.
Starting today Coinbase will take on only ETC inbound transfers for 24 to 48 hours to Coinbase Pro and Coinbase Prime before their other exchange platforms. Last week Coinbase officially began accepting GBP same-day or near instant deposits and withdrawals in some areas of the UK. Integration will be an ongoing process to ensure proper functionality and regulatory compliance.
Other Coin Additions
Last month Coinbase shared that they were working on the addition of Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).
Ethereum Classic
The stages of integration are made to guarantee a minimum level of liquidity. Within two weeks, ETC will be made available on the standard platform, Coinbase Consumers.
Coinbase is also doing extra work to maintain a fair approach. Customers who held their ETH balance through Ethereum’s hard fork that created ETC in 2016 will receive their corresponding balance of ETC into their new Coinbase ETC wallet.
British Pound
UK customers will gain access to GBP support over the course of August depending on their location. Coinbase has joined the UK movement to increase financial efficiency as well. Faster Payments Scheme was created in the early 2000s by Santander, Barclays, Citi, and many of the many other prominent financial institutions in Europe.
The primary objective was to reduce the usual three day confirmation time for transactions between financial institutions and businesses. The new payment channel was implemented in 2008, providing much more efficient bank transfers to residents – generally one day.
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