Barclays and Coinbase Terminate Cooperation

Barclays Bank of the United Kingdom had been cooperating with Coinbase, the US-based cryptocurrency exchange, but Barclays decided to suspend the cooperation plan, which means that the move will affect the speed at which users can deposit sterling on the exchange. However, there is news that Coinbase has partnered with ClearBank, the UK clearing bank, and is expected to begin at the end of the third quarter of this year.

According to CoinDesk, Barclays and Coinbase started cooperation earlier this year, using a fast payment plan that allows users to instantly extract and deposit Pounds into the exchange. However, after more than one year of cooperation, it was reported that Barclays was worried about the risks of the cryptocurrency market and began to treat the relevant customers coldly, including the termination of cooperation with Coinbase, but the specific reasons remain unclear. Barclays, ClearBank, and Coinbase have not responded to the above rumors.

As we all know, companies engaged in cryptocurrency-related businesses are generally more difficult to obtain bank support and become partners. Almost all large banks evade cryptocurrency business. As for Barclays, in the past, it has cooperated with the cryptocurrency payment company Circle to allow users’ deposits to be saved by Barclays, and the two sides have not responded to the current partnership.