TrueLayer to power Coinbase’s UK open banking payments

Crypto exchange Coinbase is adding near-instant deposits for all UK users in the coming weeks, with the help of open banking provider TrueLayer.

It’s a major client win given Coinbase is the 2nd largest crypto exchange globally and the largest US exchange by volume.

While the feature is being branded as ‘easy bank transfers’, it is essentially an open banking payment for users to make deposits into their accounts.

Users simply link their bank account to Coinbase and then can make instant transfers without having to manually add bank account details, dramatically increasing speed and reducing errors.

“Payment methods like cards and manual bank transfer don’t support an efficient fiat to crypto on-ramp. That creates a poor user experience and unnecessary operational overheads for exchanges,” said Francesco Simoneschi, CEO and co-founder of TrueLayer.

“Unencumbered by legacy, open banking payments powered by TrueLayer are digitally native, delivering a faster, more convenient way to pay that is better at protecting against fraud, and less costly for businesses.”

TrueLayer’s latest client win comes two months after the open baking provider cut 10 per cent of its workforce due to “challenging market conditions” which have impacted many fintechs across the sector.

It also comes amid a major crypto crash, triggered by the recent bankruptcy of FTX.com which is impacting many connected exchanges and crypto organisations.