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Banking Giant Barclays Set to End Partnership with Coinbase, Signals End of Access to UK’s FPS

Barclays, one of Britain’s biggest banks, is allegedly severing ties with crypto exchange platform Coinbase. 

According to a recent Coindesk report, an anonymous industry source revealed that Barclays won’t be banking for Coinbase anymore. The move will put an end to a relationship that began in March 2018, when the crypto firm opened an account with the renowned bank. 

Faster Payment Scheme

Experts believe the move will have a big impact on the cryptocurrency community. Aside from the fact that a major digital exchange platform had established links to a stalwart in Britain’s traditional banking community, the break could also put an end to Coindesk’s access to the UK’s Faster Payment Scheme (FPS). This could lead to a dramatic slowdown in the exchange of crypto for pounds. 

The exact reason for the break remains unknown, but the source hinted that the bank’s risk appetite had lessened. The source was unsure as to what caused that and suggested that Barclays might have been unhappy with some activities. But the source was definite about the decision being based on the bank’s comfort level with cryptocurrencies. 

Clearbank

Coinbase will reportedly continue to enjoy access to banking in the UK via Clearbank, a newer and less established organization. 

The split from Coinbase isn’t the first time Barclays distanced itself from cryptocurrency. Back in 2018, the bank released official denials that it would be offering a cryptocurrency trading desk. The statements came after two staff members removed information about their work on virtual assets from their LinkedIn account profile.

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