Coinbase, the popular bitcoin & crypto exchange company, today announced that it will launch ‘Easy Bank Transfers’ for UK users. This new feature provides an easy way to add funds to a Coinbase account.
Through a partnership with TrueLayer, one of Europe’s leading open banking platforms, Coinbase is able to support Easy Bank Transfers, which rely on open banking technology.
In the coming weeks, users will be able to link their bank account directly with their Coinbase account, without having 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 fast and secure deposits into their Coinbase accounts through open banking. Easy Bank Transfer solves this issue for Coinbase users: users no longer need to manually type in the recipient’s details, rely on copy/paste, be sent through lengthy verification steps, or anxiously wait for confirmation that the payment has been successful.”
– The Coinbase Team
Open banking provides several other key benefits for Coinbase users, including:
- Safety – No one can access user login details or banking passwords through open banking.
- Ease of use – Transferring funds through open banking is often faster than making conventional online transfers, especially on mobile, because of the way your bank account is linked to Coinbase.
- Control – Users have full control over who sees their banking information, and can determine exactly what level of access is allowed.
- Safety – The company can only take payments with the permission of the user as the account owner.