U.S.-based cryptocurrency exchange and crypto custody service provider Gemini has selected ClearBank for providing banking service in the United Kingdom. The partnership entails that Clearbank will offer Gemini exchange with a banking infrastructure, along with account numbers and sort codes. Gemini exchange will also be able to access payment services such as Faster Payments and CHAPS to ensure customers can access instant deposits and withdrawals with the pound sterling.
Gemini and ClearBank’s Partnership
The deal between the two will ensure that Gemini exchange receives an electronic money institution (EMI) license in the UK. It will also be able to get register as a cryptocurrency exchange in the UK.
Gemini’s UK head Blair Halliday has commented on the partnership:
“When trading and investing, our customers in the UK need quick, simple, and safe access to their funds 24 hours a day, 365 days a year. Faster Payments creates a smoother user experience and a more efficient way to buy and sell cryptocurrencies in British pounds.”
Moreover, UK consumers seem to show a growing interest in cryptocurrencies and digital assets. Financial Conduct Authority (FCA) report shows that more than 1.9 million people in the UK currently hold digital currencies.
ClearBank, One of the Few Banks to be Crypto-Friendly
ClearBank is one of the few banks in the world to be crypto-friendly. The bank initially started offering its banking services to cryptocurrency exchanges three years back, a year after its establishment. ClearBank came under the limelight mostly when Coinbase exchange selected ClearBank for its Faster Payment service.
ClearBank’s CEO Charles McManus added:
“Cryptocurrencies are gaining in popularity as UK consumers explore new ways to store and invest their money. Users of trading platforms need to be able to fund their accounts instantly and without being subject to additional fees and FX charges. They also want peace of mind that their funds are held safely and securely and it is critical that this is achieved with the highest standards of risk management.”