- December 20, 2023
- Posted by: [email protected]
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Coinbase, a leading US-based crypto exchange, has unveiled the availability of USD transfers for its retail clientele in Singapore. This development, reported by various sources, allows users in Singapore to seamlessly transfer US dollars (USD) to and from their Coinbase accounts utilizing the SWIFT network—a prominent bank-based global financial messaging system. This enhancement not only facilitates easy access to the stablecoin but also opens doors to the broader cryptocurrency market.
The introduction of USD transfers aligns with Coinbase’s overarching mission to empower economic freedom globally. By providing users with advanced tools to navigate the world of digital assets, the exchange seeks to foster widespread adoption and ease of use within the cryptocurrency ecosystem.
For Singaporean customers, who already enjoy commission-free trading of USDC with Singapore dollars (SGD), this announcement extends the same advantage to US dollars, streamlining the process of accessing the stablecoin. Additionally, Coinbase is offering further incentives to its users in Singapore, enabling them to earn up to a noteworthy 5.05% annual percentage yield (APY) on their USDC holdings without any lockup period or maximum limits.
Singapore holds a pivotal position in Coinbase’s international expansion strategy, with the country being a key focus market. Earlier initiatives, such as integration with Singpass—a digital identity system widely used in Singapore—aimed to streamline onboarding processes for new platform users. The exchange has also introduced convenient funding options like PayNow and FAST bank transfers in the region.
Coinbase reached a critical milestone in October of this year when it received its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the country’s primary financial regulator. This regulatory approval underlines Coinbase’s commitment to complying with local regulations and fostering a secure and compliant trading environment.
Furthermore, Coinbase Ventures, the venture arm of the exchange, has strategically invested in more than fifteen web3 startups based in Singapore over the past three years. The establishment of a dedicated team in the city underscores Coinbase’s commitment to driving investment activities in the Asia-Pacific region, positioning itself as a key player in the dynamic and rapidly evolving crypto landscape.
