- Coinbase partnered with a Singapore banking giant to offer free bank transfers.
- The exchange also offers users a range of new features in the country.
- Singapore is a significant player in global crypto markets.
Coinbase is gearing up for international expansion to increase its footprint in multiple regions. Its expansion efforts are starting in Singapore, a crucial blockchain hub in Asia.
On Wednesday, crypto exchange Coinbase announced a range of new features for its Singapore users. It aimed to create a “seamless, safe, and convenient” experience for crypto trading in the thriving Singapore market.
Starting immediately, customers in Singapore can transfer funds to and from their Coinbase accounts using any local bank in the country for free. With this new service, users can cash in or out of their Coinbase accounts through bank transfers more flexibly.
Coinbase has also integrated Singpass, the familiar and secure “2-click” experience that Singaporeans are accustomed to across various apps. This feature will make it easier for local users to join the platform.
These features are possible thanks to a partnership with a local tradFi giant, Standard Chartered. At the same time, Coinbase received a crucial from Singapore’s central bank. The exchange received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) to provide regulated Digital Payment Token (DPT) services in Singapore.
Over the years, Singapore has become a major crypto hub in Asia. The country’s favorable attitude towards blockchain tech has attracted numerous crypto startups to the country.
On the Flipside
- Coinbase’s expansion in Singapore is just a first step in its plans to expand further into Europe, Asia, and Australia, the company claims.
- Last week, Cathie Wood’s Ark Invest bought another $20 million in Coinbase stock.
Why You Should Care
Getting new customers in Europe and Asia could help boost Coinbase’s global market share and potentially challenge Binance.
Read about Singapore’s initiatives for digital currency:
Singapore Prepares Digital Currency Pilot for Government Payouts and Vouchers
Read about the lessons and fallout from the Silicon Valley Bank collapse:
Can Crypto Be the Answer to the U.S. Banking Crash as Bank Runs Continue?