ClearBank selected by Gemini as UK banking provider

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

Building on 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.

Blair Halliday, Head of UK at Gemini, commented: “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.”

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

Charles McManus, CEO at ClearBank, added: “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

“Gemini is a market leader in this regard, and one of the first crypto firms ClearBank has worked with, based on its exemplary approach to compliance and innovation. 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.”