Coinbase opens local bank transfers for Singapore users

Cryptocurrency exchange Coinbase will allow Singaporean customers to deposit and withdraw funds from their accounts through local banks, paving the way for investing in digital assets at a time when the market is nervous about financial stability and crypto-banking. increase.

Singapore dollar remittances are facilitated by traditional bank Standard Chartered and are free of charge, the company said in a statement. You could only buy or transfer cryptocurrencies in and out of your Coinbase account.

Hassan Ahmed, Coinbase’s Singapore director, told Reuters in an interview that the move is part of the company’s international expansion strategy. His competitors Crypto.com and Gemini already offer similar services.

Coinbase

Coinbase, which was basically licensed by the Monetary Authority of Singapore (MAS) last year to provide payment services in the city-state, is looking to expand its retail offerings in Singapore, Ahmed said. .

Coinbase’s announcement also comes with confidence in the fragile cryptocurrency as the aftermath of the epic collapse of crypto exchange FTX continues to reverberate throughout the market. Crypto-focused bank Silvergate Capital Corp was the latest victim when it announced its closure in early March.