This article was originally posted on The Bitcoin Magazine - the oldest and most established source of news, information and expert commentary on Bitcoin, blockchain technology and the digital currency industry.
Coinbase started banking with Barclays in 2018, in a deal which pioneered the relationship between British banks and cryptocurrency exchanges. The partnership connected the exchange to the U.K’s. Faster Payments Scheme (FPS)— a move that allowed users to make instant pound sterling deposits and withdrawals on Coinbase.
The exact reasons behind the split remain unknown, but it seems to have been in the works for some time. Late in July 2019, Coinbase announced that it would be removing FPS access for Coinbase UK customers, although Coinbase Pro customers weren’t affected. It didn’t provide any reasons at the time, but in retrospect, the move seems to have been the beginning of the end for its relationship with Barclays.
However, it is expected that by partnering with ClearBank, Coinbase will be able to get its FPS access reinstated.