Coinbase to Add UK Pound Support for British Users

Earlier, in order to use GBP at Coinbase, users should convert cryptocurrencies in euros, and only then into pounds; it usually took several days
02 August 2018   1050

The cryptocurrency exchange Coinbase added the possibility of input/withdrawal of the British pound (GBP).

As noted in the company's blog, thanks to cooperation with the service Faster Payments, customers from the UK can now carry out almost instant operations with GBP.

According to the head of Coinbase U.K. Zeeshan Feroz, the new system will replace the old, according to which customers had to convert cryptocurrencies in euros, and only then into pounds. It usually took several days.

Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly. Coinbase, Coinbase Pro and Coinbase Prime GBP support is now live for some of our existing customers, and we will continue rolling this out to all UK customers in the coming weeks.

Zeeshan Feroz

CEO UK, Coinbase

Earlier, thanks to the partnership of Coinbase and the startup WeGift, customers of the American company will be able to convert cryptocurrencies into gift certificates. 

Coinbase to Close Chicago Office

Despite half of billion 2018 revenue, 30 employees of the biggest US crypto exchange are going to lose their jobs
24 April 2019   191

The leading cryptocurrency exchange and the wallet provider Coinbase decided to close its office in Chicago. About 30 employees will lose their jobs, said President and COO Asiff Hirji in an interview with the Wall Street Journal.

The Chicago unit focused on high-frequency trading (HFT) traders, and the potential increase in activity in this area could lead to an increase in Coinbase trading volumes and revenues. However, this direction, apparently, is no longer included in the priority list.

HFT companies play a large, albeit controversial role in the US stock and futures markets. According to some estimates, they account for about half of the daily trading volume on the stock exchanges, but more traditional investors are wary of them, suggesting that such firms take profits from them, going in and out of stocks, while slower players make deal.

Coinbase announced plans to attract HFT traders through technical updates, including speeding up the engine for matching trade requests last year.

Asiff Hirji also noted that as of the end of 2018, Coinbase had about 600 employees, and despite the elimination of 30 jobs in Chicago, the company intends to further expand this number.

Earlier this month, it was reported that in 2018, a Californian company, despite the market decline, earned about $ 520 million.