Coinbase, the popular bitcoin and crypto exchange company, today announced that it will be rolling out ‘easy bank transfers’ for UK users. The new feature provides an easy way to add funds to Coinbase accounts.
Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which leverages open banking technology.
In the coming weeks, users will be able to link their bank account directly to their Coinbase account, without needing to enter bank details, for a more convenient and user-friendly experience.
“Coinbase is one of the first major crypto platforms to offer users fast and secure deposits to their Coinbase account through open banking. Easy Bank Transfers solves these problems for Coinbase users: users no longer have to enter beneficiary details manually, rely on copy/paste, be sent through lengthy verification steps, or anxiously wait for confirmation that a payment was successful.”
– The Coinbase Team
Open banking offers several other key benefits to Coinbase users, including:
- Security – No one can access users’ login details or banking passwords through open banking.
- Ease of use – Transferring funds through open banking is often faster than making a traditional online transfer, especially on mobile, due to how your bank account is linked to Coinbase.
- Control – The user has full control over who sees their banking information and is able to specify exactly what level of access is allowed.
- Security – Businesses can only accept payments with the authorization of the user as the account holder.