BREAKING NEWS - Barclays And Coinbase Ended Their Relationship

Cryptoinformers || AUGUST 14, 2019
One of the most renowned British bank, Barclays has reportedly ended its relationship with United States crypto exchange and wallet service provider, Coinbase. Coindesk reported on August 14.

According to the report, unnamed industry sources  said that Barclays will no longer be banking for Coinbase, ending a relationship that began in March 2018 when Coinbase started banking with Barclays.

Although the specific reason for the split is unknown, but one anonymous source speculated to Coindesk that:

“It is my understanding that Barclays’ risk appetite has contracted a little — I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with. But it’s about Barclays’ comfort level with crypto as a whole.”

It is expected that the news will hit the crypto community hard, in the sense of  relating a major crypto exchange with a heavy hitter among the traditional banking establishment, the break may end Coindesk users’ access to the United Kingdom’s Faster Payments Scheme (FPS) and slow the exchange of cryptocurrencies for British pounds sterling dramatically.

Coinbase will continue its access to UK banking through Clearbank, a younger and less established operation.

This is not the first time that Barclays has taken a step back from increasing involvement in the crypto sphere. In August of 2018, the bank began official denials that it was opening a crypto trading desk in light of two employees removing information about work on digital assets from their respective LinkedIn profiles.

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