Coinbase Launches USD Transfers in Singapore
The major US-based crypto exchange Coinbase has announced that it now offers USD transfers for its retail customers in Singapore. This means that users in Singapore can easily transfer US dollars (USD) to and from their Coinbase accounts using the bank-based SWIFT network. This new feature provides seamless access to the stablecoin USDC and the broader crypto market.
By introducing USD transfers, Coinbase aims to increase economic freedom globally and provide users with enhanced tools to navigate the world of digital assets. Singaporean customers already enjoy commission-free trading of USDC with Singapore dollars (SGD) and can now benefit from the same advantage with US dollars, simplifying the process of accessing USDC.
Singapore: A Key Focus for Coinbase
Singapore is a crucial market for Coinbase’s international expansion strategy. The exchange has integrated with Singpass, a digital identity system used in Singapore, to streamline onboarding processes for new users. Coinbase has also introduced convenient funding options like PayNow and FAST bank transfers in the region.
In October of this year, Coinbase obtained its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the main financial regulator in the country. Additionally, Coinbase Ventures, the exchange’s venture arm, has made strategic investments in over fifteen web3 startups based in Singapore over the past three years.
Coinbase’s commitment to driving investment activities in the Asia-Pacific region is further demonstrated by establishing a dedicated team in Singapore.
Hot Take: Crypto Adoption Growing in Singapore
The availability of USD transfers on Coinbase in Singapore is a significant development that highlights the growing adoption of cryptocurrencies in the country. With this new feature, users have greater accessibility and convenience when it comes to trading digital assets.
Coinbase’s focus on Singapore, including partnerships with local systems and regulatory compliance, demonstrates the exchange’s commitment to expanding its presence in the Asia-Pacific region. As more users in Singapore embrace cryptocurrencies, this move by Coinbase further solidifies the country’s position as a key market for crypto adoption.
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