Cryptocurrency exchange operator Coinbase Global is extending its services to customers in Singapore as the company aims to bolster its international presence amid regulatory crackdowns in the United States.
Hassan Ahmed, the country director for Singapore at Coinbase, emphasized the company’s commitment to global expansion, stating that the world is progressing regardless of the US situation.
In October last year, Coinbase received in-principle approval as a major payments institution from the Monetary Authority of Singapore (MAS). The company recently obtained a license to operate an international exchange in Bermuda, where it plans to offer derivatives trading.
Coinbase’s latest announcement reveals the introduction of no-fee USD Coin (USDC) purchases for customers using Singaporean Dollars (SGD). This update allows users to earn rewards for holding USDC on the platform and also introduces USDC order books for experienced traders, enabling trading of over 200 assets against USDC.
Additionally, Coinbase is enabling staking for several cryptocurrencies, including Ethereum (ETH), Solana (SOL), Cardano (ADA), Cosmos (ATOM), and Tezos (XTZ), for customers in Singapore.
The decision to expand services in Singapore was driven by a survey conducted by Coinbase, which sampled 2,000 adults in the country. The findings revealed that a significant portion of Singaporeans, 25%, view cryptocurrencies as the future of finance, which is on par with the sentiment in the US and surpasses the 17% recorded in a similar survey in the UK.
Moreover, the survey indicated that 32% of Singaporeans own or have previously owned cryptocurrencies, with more than half expecting to trade or hold cryptocurrencies this year.
Hassan Ahmed expressed optimism about the resilience and adoption of cryptocurrencies among Singaporean consumers, despite the prevailing pessimistic headlines.
Coinbase’s move to expand its services in Singapore reflects its commitment to meeting the growing demand for cryptocurrencies and capitalizing on the country’s favorable regulatory environment.