Digital Assets: Banking-As-A-Service Provider ClearBank To Partner Gemini For U.K. Banking

November 19, 2020 | Digital Assets, News
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The FCA granted Gemini an Electronic Money Institution (EMI) license last month.

Leading crypto exchange and custodian Gemini has engaged ClearBank, the cloud-based clearing bank, to provide banking services in the UK. (Finextra)

Gemini has rolled out its trading and custody services in the UK after receiving an Electronic Money Institution license from the Financial Conduct Authority (FCA) last month.

Gemini is addressing a lucrative market. According to the FCA, more than 1.9 million consumers hold crypto assets in the U.K. However, it needed to tie in banking with its services to enable seamless trading, payments, and custody on its platform.

API integration with ClearBank

ClearBank is the first new clearing bank licensed in the U.K. in the last 250 years. Cloud-based and high tech, it has been built from the ground up to offer cutting edge banking services.

Through a single API integration, ClearBank will provide Gemini with secure infrastructure including dedicated account numbers and sort codes. As well, direct access to payment rails, such as Faster Payments and CHAPS.

As a result, Gemini’s customers can transact deposits, withdrawals, through secure accounts with dedicated account numbers and sort codes. They would have access to payment rails such as CHAPS and Faster Payments.

“Users of trading platforms need to be able to fund their account instantly and without being subject to additional fees and FX charges. They also want peace of mind that their funds are held safely and securely and it is critical that this is achieved with the highest standards of risk management,” said Charles McManus, CEO at ClearBank. “Gemini is a market leader in this regard, and one of the first crypto firms ClearBank has worked with, based on its exemplary approach to compliance and innovation.”

Meanwhile, Blair Halliday, Head of UK at Gemini commented that the Faster Payments rail would provide Gemini customers quick access to banking funds 24/7. It would therefore create a more efficient way to buy and sell cryptos in British pounds.

Related Story:    Tyler Winklevoss Predicts Investment “Tsunami” In Bitcoin

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