- Coinbase has partnered with a banking giant in Singapore to offer free wire transfers.
- The exchange also provides users with a host of new features in the country.
- Singapore is an important player in the global crypto markets.
Coinbase is preparing for international expansion to increase its footprint in multiple regions. Its expansion efforts began in Singapore, a major hub for blockchain technology in Asia.
On Wednesday, cryptocurrency exchange Coinbase announced the issuance of a bunch of new features for its users in Singapore. It aimed to create a “seamless, secure and convenient” experience for cryptocurrency trading in Singapore’s burgeoning market.
Starting immediately, customers in Singapore can transfer money to and from their Coinbase accounts using any local bank in the country for free. With this new service, users can cash out their accounts on or off Coinbase through bank transfers with greater flexibility.
Coinbase has also integrated Singpass, the familiar and secure “double tap” experience that Singaporeans have become accustomed to across various apps. This feature will make it easier for local users to join the platform.
These features are made possible by a partnership with the local tradFi giant, Standard Chartered. At the same time, Coinbase received critical importance from the Central Bank of Singapore. The exchange has received Initial 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 cryptocurrency hub in Asia. The country’s positive attitude towards blockchain technology It has attracted many crypto startups to the country.
on the flip side
- Coinbase’s expansion into Singapore is just that The first step In its plans to expand further into Europe, Asia and Australia, the company claims.
- Last week, Ark Invest bought another Cathy Wood $20 million In Coinbase stock.
Why should you bother
Acquiring new customers in Europe and Asia could help boost Coinbase’s global market share and potentially challenge Binance.
Read about Singapore’s digital currency initiatives:
Singapore is a digital currency pilot for government payments and vouchers
Read about the lessons and fallout from the Silicon Valley bank collapse:
Could crypto be the answer to the US banking meltdown as banks keep running?