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Barclays ends landmark crypto partnership with Coinbase

August 16, 2019

For Coinbase, the loss means it no longer has access to the UK Faster Payments Scheme (FPS), which allows customers to instantly withdraw and deposit sterling on its platform.

The crypto exchange is now looking to replace Barclays with UK challenger ClearBank, who will reinstate its FPS access by the end of the third quarter, according to CoinDesk.

Neither company has commented on the news which broke this week, but speculation on the motives could be informed by the reluctance many large global banks have to do business with companies who handle bitcoin.

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