Coinbase Global, the leading cryptocurrency exchange operator, is expanding its range of services for customers in Singapore, demonstrating its commitment to international growth in the face of regulatory challenges in the United States. Hassan Ahmed, the country director for Singapore at Coinbase, emphasized the company’s dedication to global expansion, stating that they are determined to move forward regardless of the situation in the U.S.
Coinbase received provisional approval as a significant payment institution from the Monetary Authority of Singapore (MAS) last October. Recently, the company obtained a license to operate an international exchange in Bermuda, where it plans to introduce derivatives trading. In its latest update, Coinbase announced the introduction of no-fee purchases of USDC (USD Coin) for customers using SGD (Singapore Dollar), allowing users to earn rewards for holding USDC on the platform. Additionally, Coinbase is rolling out USDC order books for experienced traders, enabling them to trade over 200 assets against USDC.
Furthermore, Coinbase is introducing staking for several cryptocurrencies, including ETH (Ethereum), SOL (Solana), ADA (Cardano), ATOM (Cosmos), and XTZ (Tezos), for its Singaporean customers. This new feature aims to attract crypto enthusiasts in Singapore and aligns with the findings of a survey conducted by Coinbase, which sampled 2,000 adults in the country. The survey revealed that 25% of Singaporeans view cryptocurrencies as the future of finance, matching the sentiment in the United States and surpassing the 17% recorded in a similar survey conducted in the UK. Additionally, the survey highlighted that 32% of Singaporeans currently own or have previously owned cryptocurrencies, with more than half expecting to trade or hold crypto in the coming year.
Despite the negative headlines surrounding cryptocurrencies, Ahmed expressed optimism about the resilience and adoption of crypto among Singaporean consumers. He believes that the adoption cycle will continue to progress positively. Coinbase’s expansion of services in Singapore and its alignment with the preferences of local users exemplify the company’s determination to grow its international presence. As the world moves forward with cryptocurrencies, Coinbase is committed to being at the forefront of this global revolution.
