Crypto exchange Coinbase has expanded its services in Singapore by announcing support for USD transfers. Retail customers in Singapore can now deposit or withdraw USD using their Coinbase accounts through the SWIFT network. This move is part of Coinbase’s plan to increase its presence in the Singapore market.
With the introduction of commission-free trading for US dollars, Singapore customers will have easier access to USDC, a cryptocurrency designed to be pegged to the US dollar. Additionally, customers can earn up to 5.05% APY on their USDC holdings without any lockups or maximum limits.
Singapore is a key focus market for Coinbase’s global expansion strategy. The integration with Singapore’s digital identity platform Singpass has streamlined the onboarding process for the crypto exchange in the Southeast Asian nation. Coinbase has also partnered with payments provider PayNow and obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
In recent developments, Coinbase launched spot trading markets for non-US institutional customers and introduced money transfer capabilities via popular social media platforms like WhatsApp and Telegram. In the US, Coinbase is actively advocating for clear crypto regulations and has filed an appeal against the US Security and Exchange Commission (SEC) after its crypto rulemaking petition was denied.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Hassan Ahmed |
| Companies | SWIFT, Singpass, Coinbase, PayNow, Monetary Authority of Singapore (MAS) |
| Currencies | Singapore Dollar, USDC, US Dollar |
| Securities | None |
