Cryptocurrency News Today: Coinbase and Barclays split up – but the cryptocurrency exchange already has a new banking bae
Sources familiar with the matter told CoinDesk that Barclays is no longer working with Coinbase. It’s unclear if the sources are representatives from either of the companies mentioned, or are independent.
The news has caused undue disruption, and Coinbase users have reportedly been indirectly affected. Coinbase‘s relationship with Barclays gave its UK customers access to the Faster Payments Scheme which allowed users to directly deposit and withdraw sterling into their exchange accounts.
Coinbase has found a replacement UK banking partner in ClearBank. But even so, the break down of the exchange‘s relationship with Barclays has already reportedly slowed UK deposits and withdrawals, which now “take days to process.”
ClearBank is an upstart challenger bank based in the UK. It makes sense that such a bank would be interested in working with the likes of Coinbase, especially given the challenge cryptocurrency is often touted to pose against conventional banking. Big banks often stand by the mantra, “blockchain not Bitcoin.”