The British banking giant Barclays has stopped cooperation with the American cryptocurrency exchange Coinbase, the publication Coindesk reports, citing its own sources.
Barclays began providing its services to the American stock exchange back in March 2018, however, it seems that the cooperation was terminated. Now Coinbase users may have difficulty withdrawing funds to bank accounts, since Barclays provided the exchange with access to the FPS fast payment system and instantly transferred British pounds to users ‘ accounts.
The CEO of one of the British cryptocurrency companies, who wished to remain anonymous, noted:
“As far as I understand, Barclays has somewhat reduced its risk appetite, which is why it was decided to terminate cooperation with Coinbase. I can’t say why and what led to this decision, maybe there were some actions on the part of the exchange that the bank did not like. But, most likely, we are talking about the fact that Barclays does not feel too comfortable with the cryptocurrency industry.”
Other sources report that the cooperation with Coinbase was concluded as part of a pilot program, the term of which simply came to an end. However, Coinbase has already agreed to start cooperation with the banking startup Clearbank. It is reported that thanks to this, access to the FPS system should be restored by the end of the third quarter of 2019.
Note that this is not the first time that Barclays bank has changed its attitude to cryptocurrencies. So, last fall, the banking giant announced the suspension of work on a project for trading cryptocurrencies.