Gemini stands as a prominent crypto custodian and exchange platform, and has recently made an announcement. The exchange will make use of ClearBank in order to receive banking services within the UK, which is essential for the exchange’s business within the country.
A New Partnership Revealed
In a press release revealed, the popular news platform, gave some details about ClearBank. In particular, ClearBank will allow Gemini to gain a secure banking infrastructure, allowing for dedicated sort codes and account numbers.
The partnership will also allow Gemini to gain access to payment rails, as well, allowing it to access things like CHAPS and Faster Payments. These options will enable the customers of the crypto exchange to receive instant withdrawal and deposit options when it comes to the British Pound Sterling.
Leveraging Faster Payments For UK Gemini Users
Blair Halliday stands as the UK head of the Gemini exchange, and gave comment about the entire banking partnership. Halliday stated that customers in the UK desire simple, quick, and safe access when making trades and investments.
They want this access 24 hours a day, every day of the year, Halliday stated. With the Faster Payments payment rail, users of the Gemini exchange will have a smoother experience, with the efficiency of buying crypto in GBP only increasing, Halliday stated.
Gemini itself has its headquarters based within New York, having received its Electronic Money Institution (EMI) license in order to operate within the UK. From there, the firm launched full services within the country in September, using the local fiat and registering itself as a crypto exchange.
A Rising Asset Class
When cryptocurrencies started to rise in prominence, major banks, for the most part, showed outright hostility to this new asset class and the firms based within it. ClearBank stands as one of the few in those numbers that did quite the opposite, opting to adapt to this innovation and onboarding them as clients.
The bank itself has been reportedly offering crypto exchanges its banking services since 2018, which is just a year since ClearBank was established. The real success for ClearBank came after Coinbase approached it, however, asking for help in restoring its Faster Payments service at the time.
Charles McManus stands as the CEO of ClearBank, and gave the mandatory public statement about the matter at large. He explained that consumers in the UK are exploring new ways to invest and store their funding, causing cryptocurrencies to gain popularity as a result. Users leveraging said trading platforms need to be capable of instantly funding their accounts without being subject to FX charges and fees, McManus stated.