Winklevoss Gemini exchange selects ClearBank as banking partner for UK operations

Cryptocurrency exchange, Gemini partners with ClearBank for secure banking infrastructure in the UK market.

By · Nov 19, 2020 . 5min read

 Gemini exchange partners with ClearBank UK news

Gemini cryptocurrency exchange seeking to establish a wider financial network in the UK and possibly EU has now selected ClearBank as its banking partner.

Finance Magnates shared the news on the exchange’s new banking partner. It said ClearBank would start offering Gemini “with a secure banking infrastructure, including dedicated account numbers and sort codes”.

In addition to ClearBank’s services to the Winklevoss-led cryptocurrency exchange, it will receive direct access to payment rails like Faster Payments and CHAPS. With these, Gemini customers will be able to withdraw from their exchange account directly in pound sterlings.

Blair Halliday, Head of Gemini UK entity while commenting on the latest Gemini – ClearBank partnership 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.”

ClearBank toes a different approach in onboarding crypto entities like Gemini and others

ClearBank’s reputation precedes. Unlike many other legacy financial institutions, it was proactive in offering banking services to interested crypto entities. For instance, just one year after kicking off operations, it was already open to services to crypto exchanges. Established in 2018, ClearBank has serviced cryptocurrency giant and unicorn exchange Coinbase. It was in Septemeber that Gemini with base in New York received the EMI license from UK regulatory authorities. It equally registered as a crypto exchange in the UK.

ClearBank CEO, Charles McManus

Cryptocurrencies are gaining in popularity as UK consumers explore new ways to store and invest their money. 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

Another crypto entity, albeit more DeFi-driven looking to expand its services in the UK and EU, is Aave. The super DeFi protocol recently had its spinoff acquire the EMI license.

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