Coinbase partners with TrueLayer to speed up banking transactions in the UK

Coinbase announced in a report that it has partnered with TrueLayer for digital payments in the UK. The report says the cryptocurrency exchange will launch easy bank transfers for UK customers. This feature allows Coinbase to easily deposit funds into your account. Coinbase Aims to Expand Its Crypto Coverage Coinbase has partnered with open banking provider TrueLayer to introduce Easy Bank Transfers. To improve the crypto environment, the crypto exchange platform will integrate open banking capa

In a statement from his EMEA regional managing director at Coinbase, Daniel Seifert said:
“Coinbase's mission to enhance the world's economic freedom means making it easier, safer, faster, and less frictional for customers to interact and engage with the crypto economy in today's banking system. Users can now connect their financial institutions and Coinbase accounts for the simple bank transfer that was previously possible without having to manually collect bank account information. Eliminating the hassle reduces the risk of errors and failed refunds, saves users time and provides a seamless journey for more customers.Users can pay directly from their mobile banking app. Can be verified and verified When depositing funds to a bank statement, users can verify and authenticate instant payments from their mobile banking app. Additionally, if the finance arrives “within minutes,” the customer will be returned to Coinbase and will be able to use the resource immediately. 

Easy Bank Transfers will be available to up to 6 million UK customers during its initial launch, thanks to the presence of open banking partner TrueLayer in the country. “Payment methods such as cards and manual bank transfers do not support the efficient rise of fiat to cryptocurrencies. This leads to poor user experience and unnecessary operational costs for exchanges. According to the 2021 Coinbase report, the UK has the second highest crypto awareness threshold in Europe. The survey found that 66% of Britons are familiar with trading cryptocurrencies, with Spain (80%) leading the way, followed by the Netherlands (64%), Germany (60%), Italy (58%), France (56%) follows. ). Coinbase's efforts to make cryptocurrencies more accessible in the region will definitely boost cryptocurrency adoption. However, we always recommend using DYOR before investing in the crypto space.