Coinfloor launches UK Faster Payments deposit and withdrawal services

Coinfloor Group, the longest established UK based cryptocurrency exchange company, has today launched UK GBP Faster Payments service on its core platform. It becomes one of the first exchanges to offer these capabilities and means customers will now benefit from being able to deposit funds with Coinfloor using local bank transfer, and gain same-day transaction capabilities on GBP deposit and withdrawal requirements. This product update comes shortly after the sale of Coinfloor Group’s crypto futures business, CoinfloorEX, to a consortium of major industry investors and stakeholders. The company has now returned focus on its core UK and EU spot markets.

The introduction of UK Faster Payments functionality has also allowed the business to drastically reduce transaction deposit and withdrawal fees, and amounts, for customers. Faster Payment withdrawal fees are now a flat £5, and halved for all other UK payment types (BACS, CHAPS, SWIFT); deposit minimums are down from £5000 to £1000, and withdrawal minimums are now down from £2000 to £500.

Talking of the update, Obi Nwosu, CEO and Co-founder of Coinfloor Group, said: “Since the start of this business, Coinfloor has led the way in crypto exchange innovation, functionality, as well as establishing safety and regulation around cryptocurrency trading. Our focus in these key areas is all with a long-term view to provide industry participants with the safest and most effective environment to trade and obtain cryptocurrencies. The introduction of UK Faster Payments, delivered in conjunction with Enumis, a high tech UK challenger bank, is one of a number of key updates we will be adding to our platform this year as we look to deliver on our goals”.