Gemini, a cryptocurrency exchange and custodian, has selected ClearBank to receive banking services in the United Kingdom essential for its operation in the country.
The press release shared with Finance Magnates detailed that Clearbank will offer the cryptocurrency company with a secure banking infrastructure, including dedicated account numbers and sort codes.
Additionally, Gemini will receive direct access to payment rails like Faster Payments and CHAPS. This will offer the crypto exchange customers instant deposits and withdrawals with the pound sterling.
Commenting on the banking partnership, Gemini’s UK Head, Blair Halliday said: “When trading and investing, our customers in the UK need quick, simple, and safe access to their funds 24 hours a day, 365 days a year. Faster Payments creates a smoother user experience and a more efficient way to buy and sell Cryptocurrencies in British pounds.”
Young Banks Are Seeing Crypto Companies as Core Clients
Headquartered in New York, Gemini received an electronic money institution (EMI) license in the UK and also registered itself as a crypto exchange. It launched its full services in the country in September with the local fiat.
When most of the major banks were hostile towards cryptocurrency companies, ClearBank followed a different approach and onboarded them as its clients.
Furthermore, the bank is reportedly offering banking services to crypto exchanges from 2018, only a year after its establishment. It gained popularity when Coinbase approached it to restore its Faster Payments services.
“Cryptocurrencies are gaining in popularity as UK consumers explore new ways to store and invest their money. Users of trading platforms need to be able to fund their account instantly and without being subject to additional fees and FX charges. They also want peace of mind that their funds are held safely and securely and it is critical that this is achieved with the highest standards of risk management,” ClearBank CEO, Charles McManus said.
