After listing the British Pound–Bitcoin pair (GBP/BTC) in July, Coinbase continues its expansion into the UK market. This is welcome news for UK investors interested in cryptocurrency.
Buying cryptocurrencies in GBP on Coinbase Pro
This summer Coinbase announced the ability to buy Bitcoin directly in GBP. It is now possible to purchase four additional cryptocurrencies listed on the platform using GBP.
The exchange announced the change on its official blog on September 5. UK investors can now buy Litecoin (LTC), Ethereum Classic (ETC), Ethereum (ETH) and Bitcoin Cash (BCH) without having to convert through the euro.
This update has been made possible by Coinbase’s access to the Faster Payments Scheme via the UK bank Barclays, which enables much faster transactions. Initially, the ability to buy cryptocurrencies in GBP will be available only to Coinbase Pro users.
Is Coinbase the perfect solution?
Coinbase is a very popular platform, particularly in the United States. Many crypto projects aim to be listed on Coinbase, and inclusion often boosts visibility. The recent addition of Ethereum Classic surprised some observers who expected coins like Ripple (XRP) or Stellar (XLM) instead.
One drawback is that Coinbase currently lists only five cryptocurrencies, some of which are quite similar. That selective approach can be frustrating for users, and many hope for a broader range of listings in the future.
Another major issue is the platform’s opaque fee structure, which is not always competitive. For more details, see our article on the advantages and disadvantages of Coinbase.
For these reasons, other exchanges offer compelling alternatives to Coinbase. We consider eToro among the best platforms available today. You can read our full review of eToro if you want more information.
A consolation prize ahead of Brexit?
UK residents have many pressing concerns at the moment, and interest in digital currencies likely reflects broader economic and political worries. With Brexit approaching, uncertainty about its consequences remains high.
Additionally, cryptocurrency prices—including LTC—have struggled recently as the market looks for renewed momentum. Still, London intends to protect its reputation as a leading financial center, and digital currencies fit that trend. Coinbase Pro’s GBP offering arrives at an opportune moment to simplify the purchase of cryptocurrencies in the UK.