Coinbase, the popular bitcoin & crypto exchange company, announced today it will be rolling out ‘Easy Bank Transfers’ for UK users. The new feature delivers 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 relies on open banking technology.
In the weeks ahead, users will be able to link their bank account directly with their Coinbase account, without needing to enter their bank details, for a more convenient and user-friendly experience.
“Coinbase is one of the first major crypto platforms to offer users rapid, secure deposits into their Coinbase account via open banking. Easy Bank Transfers solve these issues for Coinbase users: users no longer have to manually type out payee details, rely on copy/paste, be sent through long verification steps, or anxiously wait for confirmation that a payment was successful.”
– The Coinbase Team
Open banking delivers several other key benefits for Coinbase users, including:
- Security – No one can access users’ login details or banking passwords through open banking.
- Ease of Use – Transferring funds via open banking is often faster than making a conventional online transfer, especially on mobile, because of 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 permitted.
- Safety – Companies can only take payments with the user’s authorization as the account owner.