Cloud-based clearing bank, ClearBank has been selected by Gemini to provide banking services. Gemini is a leading cryptocurrency exchange and custodian. With the new development, ClearBank will provide secure infrastructure which also includes dedicated account numbers, sort codes and direct access to payment rails, such as Faster Payments and CHAPS.
This will be carried out through a single API integration. It is reported that the bank will provide Gemini’s customers with direct access to payment rails and allow them to make secure GBP deposits. In addition, they will be able to make swift withdrawals from their accounts in a span of seconds.
Blair Halliday, Head of UK 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. With our shared focus on rigorous compliance, robust security, and innovative technology, ClearBank is an obvious partner for Gemini.”
Recently, the bank collaborated with Tide and it has been awarded £25 million to assist UK SMEs in light of the coronavirus pandemic. This in turn is anticipated to become a growth opportunity for the bank. ClearBank and Tide are expected to support enterprises in meeting the rising demand for digital services.