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Published at Returns on Jun 15, 2018.
LONDON (Reuters) – A cryptocurrency exchange in the UK has struck a rare deal to open a bank account with British start-up ClearBank, said two people familiar with the matter, allowing domestic customers to trade digital currencies without moving their money overseas.
Mainstream British and other European lenders have largely shunned cryptocurrencies, which have come under increasing scrutiny from regulators.
ClearBank is a purpose-built clearing bank launched in 2017 by Nick Ogden, the founder of payments group Worldpay.
“This will make it easier for British customers of the exchange to buy and sell cryptocurrencies by making transactions faster and cheaper,” said one person with knowledge of the agreement who declined to be named.
London Block Exchange said in March it would offer its clients on-shore accounts and access to the Faster Payments Service, a network used by the traditional financial industry.