Barclays rumoured to cancel partnership with Coinbase

Posted 14 August, 2019

The international bank Barclays is rumoured to suspend providing services to the major US-based cryptocurrency platform Coinbase.

According to the sources in the know, the London-based bank is no longer service Coinbase, so the latter cannot use the Fast Payment System. As a result, the platform's clients are unable to enjoy fast GBP deposit/withdrawal services and has to wait even for several days. 

Notably, the UK-based clients reportedly could not use fast payment service back in late July.

The reasons behind the decision of breaking cutting ties with Coinbase.

At the same time, Coinbase has already taken measures to solve the problem with fast payments. There are rumours that the company entered into a partnership with ClearBank, so the service is expected to be restored by end-Q3.

Some sources say that Barclays has changed its stance towards cooperation with cryptocurrency sector due to high risks. However, company management has never officially claimed that they would not provide services to crypto companies.

For reference, Barclays cooperated with Circle and Blockchain wallet, but there is no information whether they maintain the partnership.

There are also rumours that the cooperation between Coinbase and London's bank was under a short-term pilot programme. 

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