UK Welcomes Bitcoin Giant Coinbase

April 30, 2024 by
UK Welcomes Bitcoin Giant Coinbase

Image credit: Antanacoin

San Francisco-based bitcoin giant Coinbase launched its services in the UK on Wednesday allowing customers to load both pound sterling and US dollars to their bitcoin wallets.

Bitcoin has been linked to the criminal underworld in the past, but Coinbase is one of a few companies that are looking to clean up the currency’s image. This initiative has been hugely successful, with companies like Japanese phone giant DoCoMo and the NYSE helping Coinbase to raise $75 million in January making it the largest bitcoin company globally.

 

Trade and the Future of Bitcoin in the UK

Investment by the NYSE allowed Coinbase to open the first foreign exchange for traders who want to trade in bitcoin. This service along with their current payment and storage services will help to further legitimize the currency.

The value of bitcoin may have fallen by over 80% in the last 18 months, but Coinbase has reported a 1000% increase in customer wallet growth (a digital wallet where users can store or spend bitcoins).

This growth has made Coinbase executives confident that the target customer base of “regular people and hedge fund managers” will eventually spread to larger institutional players.

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