Traditional financial services play an important role in the cryptocurrency world. Especially for exchanges, a reliable banking partner makes a big difference. One exchange in the UK recently inked a deal with ClearBank, marking a positive development for the cryptocurrency industry in the United Kingdom.

ClearBank Embraces Cryptocurrency

The past few years have not been easy for cryptocurrency startups. Banks often oppose the cryptocurrency industry every step of the way. Whether it is a corporate or consumer account, any Bitcoin-related activity is subject to potential scrutiny. This situation has escalated a bit in the UK, where banks have taken a relatively harsh stance on Bitcoin.

That doesn’t mean the current situation is irreparable by any means. British startup ClearBank shows things can be done in a different manner. This relatively new firm has partnered with a domestic cryptocurrency exchange, London Block Exchange. For the exchange and its clients, the news heralds a major breakthrough. Users will be able to trade digital currencies without moving fiat currencies overseas.

British consumers are often left out when it comes to cryptocurrency. Although various domestic trading platforms exist, the major global exchanges shun this region. Kraken, for example, shut down its GBP trading a while ago. Other big companies no longer seem to offer this particular trading pair either.

Banking attitudes toward cryptocurrency in the UK may be changing.

Europe Becomes a Trading Hub

It is not the first time cryptocurrency trading firms actively seek European banking partners. Binance, the world’s biggest trading platform, recently expanded to Malta. The company also aims to set up shop in Jersey, which gives it access to the UK market as a whole.

Additionally, Coinbase has signed an agreement with a UK bank earlier in 2018. That deal will introduce GBP support on the platform and hook into the Faster Payments Service. London Block Exchange will also make use of this feature through ClearBank to allow for instant transactions whenever possible.

These developments seemingly confirm things are changing in the UK banking sector. While usually an opponent of Bitcoin activity, some banks are looking at this industry from a fresh perspective that will eventually allow for major growth in the industry. As such, Europe is quickly positioning itself as a prominent continent for cryptocurrency trading.

Do you think that ClearBank partnering with London Block Exchange is a step forward for cryptocurrency acceptance in the UK? Let us know in the comments below.

Images courtesy of Shutterstock.

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