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14 December 2019

Barclays Is No Longer Banking Coinbase

Barclays Is No Longer Banking Coinbase

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Barclays, the London-based global bank, is no longer working with cryptocurrency exchange Coinbase, industry sources told CoinDesk.

That’s because, aside from the cachet of working with a household-name bank, Barclays connected San Francisco-based Coinbase to the U.K.

This source added that being banked by Barclays had probably held Coinbase back in terms of which coins and tokens the exchange wanted to list, and the time taken before the bank could feel comfortable with new assets being added.

In 2016, the bank was perhaps more enthusiastic about the technology, Barclays said it was working with Circle Internet Financial, whose main offering at the time was Circle Pay, an FCA-regulated app that used bitcoin to help facilitate no-fee currency transfers.

Barclays said at that time: “We can confirm that Barclays Corporate Banking has been chosen as a financial partner by Circle, and we support the exploration of positive uses of blockchain that can benefit consumers and society.”.

Both Barclays and Circle (which has since shifted its focus from retail payments to crypto trading) declined to comment on the status of their relationship.

In addition to working with Barclays, Coinbase has had a banking relationship with Estonia-based LHV Bank for a number of years.

Another popular route into Faster Payments is via FCA-regulated Enumis, which recently began working with Coinfloor, the U.K.’s oldest running exchange, to broker banking relationships for crypto companies

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