One of the world biggest cryptocurrency exchange firms Gemini has chosen ClearBank to provide banking services for its customers in the United Kingdom.
The latest partnership with ClearBank means the exchange company will be consolidating on its access to U.K. payment rails, such as Faster Payments and the Clearing House Automated Payment System (CHAPS).
In a statement Thursday, ClearBank confirmed the partnership following the earlier announcement by Gemini that it obtained a license from the Financial Conduct Authority to operate as an Electronic Money Institution (EMI).
What does this mean for Gemini?
The cryptocurrency exchange will be offering trading and custody services while ClearBank will be providing Gemini users with account numbers and sort codes via a single API.
ClearBank, a “cloud-based” challenger bank said it would offer Gemini users pound sterling deposits and withdrawals “in seconds” using Faster Payments.
Co-founder and CEO of Gemini Tyler Winklevoss said in a tweet:
We’re dedicated to making @Gemini your portal into #Bitcoin and crypto. To do this, we’ve built a bridge allowing you to convert your fiat currency into this new world of crypto. With @clear_bank we support Great British Pound (GBP) and UK payment rails.
Gemini is a cryptocurrency exchange and custodian that allows customers to buy, sell, and store digital assets