U.K. Exchange Strikes a Deal That Eliminates a Main Obstacle for Crypto Traders By Cryptovest


U.K. Exchange Strikes a Deal That Eliminates a Main Obstacle for Crypto Traders

As the crypto space grows and becomes more palatable for the mainstream, players are becoming even more adept at taking advantage of the opportunities it offers.

The latest effort comes from a U.K. based crypto exchange that has struck a deal observers call rare, but one that should help make it easier for crypto traders to make their trades. It could also lead to it gaining more customers.

Let’s discuss.

The players

London Block Exchange has reached an agreement with ClearBank, a British start-up that allows domestic customers to trade digital currencies without moving their money overseas, Reuters reports.

ClearBank is the U.K.’s first clearing bank in more than 250 years. It’s in the midst of plans to create what it calls “a new level of open competition and transparency within the U.K. market.”

Among London Block Exchange’s top features is its digital wallet.

The impact

Reuters pointed out that mainstream British and other European lenders have largely shunned cryptocurrencies. The reasons are the same that others have about cryptos, and those include worries that cryptos are used for crimes like money laundering and fraud.

A person familiar with the agreement told Reuters the deal will make it easier for British customers of the London Block Exchange to buy and sell cryptocurrencies by making transactions faster and cheaper.

This will be achieved by the exchange offering its clients on-shore accounts and access to the Faster Payments Service, a network used by the traditional financial industry.

Reuters stated the following about this deal:

Companies that handle cryptocurrencies have been forced to open accounts outside Britain – notably in Gibraltar, Poland and Latvia – and transfer pounds into euros or other currencies. That has raised questions about the UK’s ambition to become a global hub for the fast-growing fintech industry.

This article appeared first on Cryptovest

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