The Monetary Authority of Singapore Grants Coinbase License to Offer Crypto Payment Services
The Monetary Authority of Singapore has granted Coinbase a Major Payment Institution license, allowing the company to offer crypto payment services to both institutional and individual clients. This comes one year after Coinbase received an in-principle approval from the authority. With 32% of Singaporeans owning cryptocurrency, this license has the potential to boost the adoption and price of popular cryptocurrencies like Ethereum (ETH) and VC Spectra (SPCT).
Coinbase Gets Major Payment Institution License In Singapore
On October 2, 2023, Coinbase became the latest recipient of the Major Payment Institution license from the Monetary Authority of Singapore. As a result, Coinbase’s stock increased by 5%. This license enables Coinbase to provide institutional and individual crypto payment services in Singapore. Additionally, Coinbase is recognized as a money-transfer service provider for both domestic and international transactions within the country.
Coinbase highlighted the significance of the Singapore market in their corporate blog post. The license allows them to cater to over 700 web3 companies in Singapore and serve the 25% of the population that owns or has owned top cryptocurrencies, reflecting their belief in crypto as the future of finance.
Ethereum Hits $10 Billion Revenue Milestone Faster Than Big Tech Companies
In record time, Ethereum (ETH) has generated $10 billion in cumulative revenue, surpassing prominent tech companies such as Facebook and Microsoft. It took Ethereum only six years to achieve this milestone, compared to Facebook’s 7.5 years and Microsoft’s 19 years.
Ethereum generates revenue through transaction fees from DeFi projects, NFT trading, and payment for transfer services on its network. Despite a bearish market for most of 2023, experts remain optimistic about Ethereum’s prospects in Q4. The new Coinbase Singapore license may further increase interest in Ethereum, potentially attracting more users.
VC Spectra (SPCT) Offers Lucrative Returns for Early Investors
VC Spectra (SPCT) is a decentralized hedge fund that invests in promising web3 and fintech startups, focusing on high-growth and profitable projects. It utilizes AI and investment experts to manage risk and ensure profitability. VC Spectra offers investors the opportunity to purchase its native crypto coin, SPCT, which provides voting rights and ensures shareholders receive profits through dividends and buybacks.
The VC Spectra presale has garnered significant investor interest, resulting in price surges during its stages. Stage 1 investors have already seen a 450% return on their investment, while Stage 2 investors earned 300%. Currently, investors who buy SPCT receive a 50% bonus and stand to gain an 82% profit at the final presale stage when VC Spectra reaches its listing price of $0.080 or higher.
Hot Take: The Coinbase Singapore License Poses Potential for Crypto Market Revival
The authorization of Coinbase to offer crypto payment services in Singapore has the potential to revive the weakened crypto market. With a significant percentage of Singaporeans owning cryptocurrency and the growing interest in Ethereum and VC Spectra, this license could attract more users and drive up prices. Additionally, Coinbase’s expansion into other countries further solidifies its position as a leading player in the crypto industry.
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