Coinbase Expands in Singapore with USD Transfers
Coinbase, a cryptocurrency exchange listed on Nasdaq, has announced the introduction of United States Dollar (USD) transfers in the Singapore market. Retail customers can now transfer USD to and from their Coinbase accounts using the SWIFT network. This new feature aims to enhance accessibility between fiat and crypto currencies, particularly stablecoins like USDC that are pegged against the US dollar.
Coinbase’s Focus on Singapore
Coinbase sees Singapore as a crucial hub for international expansion and obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in October 2023. The Singaporean central bank is also developing a cryptocurrency framework to regulate the sector and protect retail investors. Coinbase integrated Singpass, Singapore’s digital identity system, earlier this year to streamline customer onboarding. The company is expanding globally through the Coinbase International Exchange.
Perpetual Futures and SEC Challenge
In Q3, Coinbase onboarded over 100 institutions and witnessed a trading volume of around $10 billion in perpetual futures. In October 2023, it introduced perpetual futures to qualified retail users on its Coinbase Advanced platform. However, Coinbase is currently facing challenges with the SEC after its request for cryptocurrency rulemaking was rejected. The exchange has filed an appeal against the decision.
Hot Take: Coinbase Expands Fiat-to-Crypto Access in Singapore
Coinbase’s introduction of USD transfers in Singapore is a significant move that enhances access between traditional fiat currencies and cryptocurrencies. By allowing retail customers to transfer USD to and from their accounts using the SWIFT network, Coinbase makes it easier for users to engage with stablecoins like USDC that are pegged against the US dollar. This expansion aligns with Coinbase’s focus on Singapore as a key market for international growth. Despite its ongoing challenges with the SEC, Coinbase continues to innovate and expand its offerings in the crypto space.
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