Barclays, the British banking giant, may no longer be working with the cryptocurrency exchange, Coinbase, according to a<a href="https://www.coindesk.com/barclays-is-no-longer-banking-coinbase"> report</a> shared with Coindesk.

The development was revealed by unnamed Industry sources familiar with the matter. This means a stop in the relationship which all started when Coinbase opened an account at Barclays in March 2018.

The break could tamper with Coinbase 'users' ability to quickly withdrawal and deposit British pounds sterling to the exchange. Barclays made this available to Coinbase through the United 'Kingdom's Faster Payments Scheme (FPS).

Although, there was no specific reason mentioned as to why the development between Coinbase and Barclays surfaced. However, an anonymous source noted that:

"It is my understanding that 'Barclays' risk appetite has contracted a little — 'I'm not sure exactly why or 'what's been driving that, maybe there has been some activity they are not happy with. But 'it's about 'Barclays' comfort level with crypto as a whole."

Meanwhile, Coinbase reportedly found a new replacement to continue its access to U.K. banking. The exchange chose the upstart Clearbank to manage it's banking operations.

ClearBank is one of the "challenger banks" in the U.K. to compete with market incumbent. 'Coinbase's new relationship with ClearBank is expected to restore 'Coinbase's FPS access by the end of the third quarter.

Notably, it is not the first time Barclays took a step back from its involvement in the crypto sphere. The bank began official denials that it was opening a crypto trading desk in 2018, two of their employees disclosed the information from their own LinkedIn profiles. 
<h1>Barclays Stops Their Crypto Trading Project</h1>
The British multinational investment bank suddenly<a href="https://www.cryptoknowmics.com/crypto/barclays-stop-their-crypto-trading-project/"> stopped</a> an internal cryptocurrency trading project. They were assessing the possibility of incorporating the trading of cryptocurrencies to their existing service.

But, It was quite uncertain why the project got canceled. Many people have viewed, it could be that the bearish cryptocurrency market in October last year influenced the investment 'bank's decision.

ClearBank to Take Over as Barclays Stops Works with Coinbase

Ibiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.

ClearBank to Take Over as Barclays Stops Works with Coinbase

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