With a lot of regulators unsure of the way forward for the digital coin industry disruption, Coinbase has partnered with Barclays in a step seen as move towards bringing digital currencies to mainstream banking rattling Ripple (XRP) and Litecoin (LTC) in the process. The largest exchange in the world obtained the license from the UK in a move to extend its operations in Europe.
For starters, Coinbase has an account with Barclays Plc. and this will benefits both the parties and clients wishing to transact their virtual coins with fiat currency. The two will work seamlessly to ensure clients can easily deposit or withdraw their funds at any Barclay’s select outlet.
Ripple and Litcoin ecosystems have been seen as the financial industry disrupters before the entry of Coinbase. This is good news for XRP and LTC holders who have an account with exchange; it could turn out as their easy way to transacting from their Barclays fiat holding accounts.
What does the Partnership mean to the Consumer?
Coinbase as a payment processor and will facilitate issuance of digital money across partner countries. This is one way to bring additional partners onboard across Europe. With the license will cover more than 20European Union countries and will change how cryptocurrency holders and fiat money interact in the real business world.
With the increased demand for cryptocurrencies in Europe and world at large, this is a positive move for investors and financial institutions. The exchange will eradicate the third party role and assist investors buy transact in all virtual currencies supported by the exchange.
With many other Altcoins like Ripple and Litecoin (LTC) eyeing the financial markets, Coinbase has resolved to support financial institutions through the Faster Payments Scheme initially popular among traditional banking institutions in the UK.
Will the Coinbase- Barclays partnership sway Ripple and Litecoin in future?
It still remains to be seen how the Coinbase and Barclay’s partnership will play out against XRP and LTC. However, with several banking institutions using the Ripple and Litecoin ecosystems, the exchange seems to complement them in a bit to bring cryptocurrencies to the mainstream.
Several banks are using Ripple software xCurrent and xRapid in a bid to make transactions faster, safe and affordable to users thus cutting down on transaction costs for the financial institutions. Litecoin implemented the LitePay system for the same purpose but in a more private ways.
The beauty of the partnership is that it makes transferring money from the bank seamless, safe and faster, a vision shared by Ripple and Litecoin. However, the recent announcement from Coinbase of not listing XRP could mean much more than what meets the eyes of the investors.
Surprisingly, Litecoin (LTC) is listed on Coinbase and has been very supportive of the coin. After listing Litecoin, the price skyrocketed and the volumes have not disappointed the exchange. The exchange is global and many users adore it due to their features and user experience.
Future of Coinbase and Barclays
The Coinbase-Barclays collaboration will help the UK cryptocurrency holders to up their digital wallet with ease. Processes that was perceived as tedious in the past; this will also bring transactions down drastically. If the partnership addresses the volatility issues, this is a deal for the future.
Once all the issues are ironed out, the UK will become the cryptocurrency capital of Europe. Europe has the fastest growing cryptocurrency market and this has prompted the exchange to grow the London team by the end of the third quarter, 2018.
A lot of activity will be expected throughout 2018 once the Coinbase partnership with Barclays begins to bear fruits. Ripple and Litecoin will strength their market grip and the consumer might benefit from low transaction fees and speeds among other anticipated benefits.