Gemini partners Clearbank for crypto platform business

ClearBank, the cloud-based clearing bank, has been selected by cryptocurrency exchange and custodian Gemini as its UK banking services provider.

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

There is growing interest in cryptocurrencies among UK consumers, with the Financial Conduct Authority (FCA) finding more than 1.9 million consumers holding crypto assets.

Gemini launched its full services in GBP in the market last month after the FCA granted the company an Electronic Money Institution (EMI) licence.

With ClearBank providing direct access to payment rails, it said Gemini’s UK customers are able to make secure GBP deposits and withdrawals into and out of their accounts “in seconds”.

Blair Halliday, head of UK business at Gemini, said, “When trading and investing our customers in the UK need quick, simple and safe access to their funds 24 hours a day, 365 days a year. Faster Payments creates a smoother user experience and a more efficient way to buy and sell cryptocurrencies in British pounds.”

Charles McManus, chief executive at ClearBank, said: “Users of trading platforms need to be able to fund their account instantly and without being subject to additional fees and FX charges.

“By providing access to accounts and payment rails we are helping Gemini to deliver a best-in-class customer experience that addresses some of the biggest pain points faced by consumers.”

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