Coinbase, a US-based Bitcoin exchange, has expanded its services to the UK, contributing to the growth of the Bitcoin industry in Europe.
UPDATED: March 23, 2020
Coinbase allows UK customers to deposit into and withdraw from their accounts using three payment methods, and these are GBP bank transfers via Faster Payments, EUR bank transfers via SEPA, and 3D debit card purchases.
Users opting to transfer funds with a UK bank account must have their UK ID and mobile phone number verified in their Coinbase account first. Once these steps are complete, users can conveniently select their Portfolio and choose to either deposit or withdraw.
Those looking to user EUR bank transfers via SEPA must send a minimum of 6 EUR for verification deposits. Transfers typically takes one to three business days.
Coinbase also allows users to use credit cards that support 3D Secure. Users need only to connect their card in order to buy their preferred digital currencies.
Coinbase, a US-based Bitcoin service provider, has expanded its customer base across Europe as it opens its doors to UK customers. Together with its expansion comes the cutting-edge innovation of the Bitcoin startup.
Dubbed as the ‘AOL of Bitcoin,’ Coinbase is the most funded Bitcoin company in the world to date. This platform has been attracting thousands of Bitcoin users around the US since it debuted and now, this Bitcoin exchange caters to 25 countries across the globe.
Regarding its recent expansion in the UK, Coinbase co-founder and CEO Brian Armstrong explained the reason behind the launch. According to the Bitcoin entrepreneur, the decision was slightly influenced by his London trip last year.
“The interest in the UK is at a different level than it is elsewhere in Europe. We got the sense that the demand there was really high… [and] London is a financial capital of the world, so it was a logical next step.”
After realizing London’s financial status, Armstrong saw a huge opportunity for the further widespread of his platform and the usage of Bitcoin that resulted to the integration of Coinbase in the UK Bitcoin ecosystem.
Coinbase services and their effects in UK
In US, Coinbase garnered a very optimistic reception from Bitcoin enthusiasts because of the convenience the platform brings.
Acting as an all-around service hub, it grants users with a digital wallet that can store, send, and even accept payments via Bitcoin in just one place. It is also one of the pioneers of instant fiat-to-Bitcoin currencies conversions, making it a lot more convenient for the Bitcoin community.
With the UK as one of its supported countries, Coinbase users can now utilize Bitcoin trade with two new currency conversions: BTC/GBP and BTC/EUR.
Moreover, companies in the UK that are also accepting Bitcoin are also showered by this convenient platform since it gives them the option to do business transactions involving Bitcoin with ease.
In line with these figures, Armstrong feels privileged that his company has been progressing quite beautifully and sees the addition of UK to the roster of Coinbase’s supported countries a factor behind the stronger influence of the company.
“We’re already the biggest exchange by volume in the US and number three or four in the world, depending on the data you look at. I think launching in the UK will help improve on that and increase the liquidity on the platform.”
Coinbase adds some advantages to Bitcoin casino players in the UK
On another note, Bitcoin’s major key player, the Bitcoin casino industry is not excluded from the perks of the Bitcoin exchange platform.
Aside from the large percentage of contribution to the Bitcoin business branch, the UK also shelters a huge population of Bitcoin casino players who play a vital role in the whole Bitcoin industry landscape.
Bitcoin casinos such as Fun Casino, Satoshi Bet, and BTC-Casino.io cater to a large number of European players, especially from the UK. Moreover, these casinos share a huge effort to the flow in the Bitcoin network.
Coinbase, however, prohibits any transaction on Bitcoin games and even suspends accounts related to online gambling. Nevertheless, it still serves as an ideal Bitcoin wallet and exchange for personal use of the Bitcoin gamblers. After all, players can still send their bankroll from their Coinbase wallet to another web wallet specifically for gambling online.
With that being said, Coinbase continues to elevate the status of Bitcoin with its versatile and diverse service, catering the almost every cryptocurrency users throughout the world, easing the pursuit of virtual currency.