In September, U.S.-based Gemini announced its intentions to expand fully into the U.K., to offer trading and custody services. It seems the crypto exchange is now turning its words into action.
Today, cloud-based clearing bank Clearbank announced that it had become the UK banking services provider of top crypto exchange and custodian Gemini.
ClearBank will provide its single API integrated secure infrastructure for Gemini, including securing sort codes and dedicated account numbers. It will also offer express access to payment mediums like CHAPS and Faster Payments.
There have been increased numbers of crypto holders in the U.K., especially now that there is uncertainty regarding the stability of the dollars after Brexit.
The U.K. Financial Conduct Authority (FCA) recently revealed more than 1.9 million holders of crypto assets.
Last month, Gemini rolled out its full services in GBP after receiving an Electronic Money Institution (EMI) license from the FCA.
The license and the present partnership with ClearBank will enable Gemini U.K. customers to deposit or withdraw their GBP balances through the bank. Gemini is offering its customers a secured ClearBank API platform for the complete safety of their accounts.
Apart from protecting the account of the users, Gemini will also maintain the highest regulatory compliance.
Partnership with address issues consumers are facing
ClearBank chief executive officer Charles McManus says the bank is happy to be chosen as Gemini’s banking partner. He pointed out that Gemini has proven that it’s a market leader in the exchange industry over the years. The crypto exchange is also one of the first the bank has worked with, confirms McManus.
In the deal, the role of ClearBank is to provide payment rails and access to accounts, which will help Gemini deliver the best customer experience. He revealed that the partnership aims to help address some of the biggest issues consumers have faced in the industry.
Head of Gemini UK Blair Halliday also commented on the development. According to him, its customers’ high needs in the U.K. have prompted the need to opt for ClearBank as its official banking partner for its U.K. customers.
He said customers in the U.K require fast and easy access to their funds at all times. With faster payment methods, it grows the relationship with customers, and that’s exactly what Gemini has set out to achieve.
Blair also said its shared innovative technology with Clearbank makes the arrangement possible. He pointed out,
“With our shared focus on rigorous compliance, robust security, and innovative technology, ClearBank is an obvious partner for Gemini.”
As cryptocurrencies increase in popularity in the U.K, consumers are always exploring faster and more efficient methods to store their funds.
As a result, users of trading platforms should instantly fund their accounts without being forced to pay extra FX charges. They also want to know their funds are safe and secure, which can only be achieved with a high-risk management standard. Gemini said by choosing ClearBank’s banking services, it hopes to address its customers and crypto holders’ underlying needs.