Barclays May Be Ending Work With Coinbase, Transactions in GBP to Slow

As Coindesk reported on August 13, unnamed industry sources have said that Barclays will no longer be banking for Coinbase, severing a relationship that began when Coinbase opened a Barclays account in March 2018.

British banking giant Barclays has reportedly cut ties with United States crypto exchange Coinbase.

The news is expected to hit the crypto community hard, as, in addition to linking a major crypto exchange with a heavy hitter among the traditional banking establishment, the break may end Coindesk users’ access to the United Kingdom’s Faster Payments Scheme (FPS) and slow the exchange of cryptocurrencies for British pounds sterling dramatically.

The precise reason for the split is unknown, but one anonymous source speculated to Coindesk that:

“It is my understanding that Barclays’ risk appetite has contracted a little – I’m not sure exactly why or what’s been driving that, maybe there has been some activity they are not happy with. But it’s about Barclays’ comfort level with crypto as a whole.”

Reportedly, Coinbase will continue its access to UK banking through Clearbank, a younger and less established operation.

This is not the first time that Barclays has taken a step back from increasing involvement in the crypto sphere. In August of 2018, the bank began official denials that it was opening a crypto trading desk in light of two employees removing information about work on digital assets from their respective LinkedIn profiles.

Coinbase, for its part, does not seem to have suffered greatly in recent months. This July, it came out that the exchange had registered eight million new users in the preceding year.

Also in July, Cointelegraph reported that Coinbase’s CEO Brian Armstrong was looking to take the exchange beyond trading, expressing plans to expand Coinbase into wider promotion of crypto adoption.

Akon to speak at Malta A.I. & Blockchain Summit

Malta A.I. & Blockchain summit are proud to announce that Akon, hip-hop superstar and one of  Africa’s most renowned philanthropists, has accepted a speaker slot at the crypto and blockchain focussed show in November.   He will be speaking about his Akoin token and how he hopes the blockchain-based cryptocurrency can empower young entrepreneurs in Africa to strengthen the continent’s rising economies and support the development of sustainable communities.

Akon’s vision for Africa is already underway, with first steps taken in Senegal’s capital city Dakar, where Senegalese President Macky Sall has gifted him 2000 acres to establish an Afro-futuristic city. “The whole idea with the city is to create a renewable city”, he explains. “Crypto is the money spent in the city; all digital. All renewable energy; no gas, no nothing. And clearly, we’ll create platforms of all of today’s newest technologies embedded within the city itself.”

Through the artist’s Akoin Foundation, inspired entrepreneurs will develop future-forward businesses and promote innovation, economic stability, and growth across Africa, as well as in the wider world.  Through the Akoin ecosystem of crypto-based DApps and Apps, rising entrepreneurs can learn, earn, spend and save; and have more transparency and security within these daily economic building activities, including civil engagement.

“I think banking systems can definitely benefit from blockchain, but the voting system will probably be the number one system for the technology”, he says. “The good thing about blockchain is it leaves a footprint”, explains Akon. “You can’t do anything without it being open for everyone to see it – it opens the road to transparency.”

Eman Pulis, founder and CEO of Malta A.I. & Blockchain Summit, commented, “With a vision so clearly in line with the best hopes for the blockchain world, Akon is sure to be a huge draw for the conference audience at November’s Malta AIBC.  We’re excited to work with him in using blockchain to make the world a better place for everyone.”

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