File photo of a bitcoin sticker is seen in the window of the ‘Vape Lab’ cafe, where it is possible to both use and purchase the bitcoin currency, in London March 24, 2015. REUTERS/Peter Nicholls
(Reuters) – Bitcoin payment processor Coinbase opened an exchange and online wallet service in the UK on Tuesday, allowing people to convert sterling into bitcoin.
Expanding to the UK will make it easier to access bitcoin in one of the financial capitals of the world, San Francisco-based Coinbase said in a blog on its website.
Last month, Britain took a significant step towards becoming a global bitcoin hub as the government announced it would regulate digital currencies for the first time by applying anti-money laundering rules to exchanges.
Earlier this year, Coinbase raised $75 million (£48.94 million) from several major financial institutions, including the New York Stock Exchange, USAA Bank [USAASF.UL] and Spanish banking group BBVA .
Aside from processing bitcoin payments, Coinbase also provides wallet services for holders of the digital currency.
(Reporting by Supriya Kurane in Bengaluru; Editing by Cynthia Osterman)
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