Barclays has reportedly ended its partnership with cryptocurrency exchange Coinbase

Coinbase’s customers have gotten stuck in the middle as the cryptocurrency exchange has allegedly ended its relationship with Barclays.

The bank gave Coinbase an account in March 2018 and connected the San Francisco company to the British Faster Payments Scheme, enabling customers to instantly deposit and withdraw British pounds at the exchange. However, CoinDesk now reports that the partnership has ended after speaking with sources familiar with the situation. This in turn apparently slowed down customers ability to access and deposit money.

It is unclear, if true, why the relationship ended. According to some sources it was due to Barclays getting cold feet about cryptocurrencies whilst others simply stated that the whole partnership should be seen as a pilot that had just run its course.

Coinbase has reportedly signed a new similar partnership with UK challenger bank ClearBank. Neither Barclays, Coinbase or ClearBank opted to comment to CoinDesk’s story.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.