One of the world’s leading cryptocurrency exchanges, Coinbase is ramping up its expansion into Singapore. The foremost US crypto exchange has also signed a pact with Standard Chartered Bank to provide service for its operation in the city.
This latest expansion move and the partnership with Standard Chartered Bank is coming amid stiff crypto regulations in the United States and the recent collapse of three crypto-friendly banks.
Last week, Silvergate Capital, Silicon Valley Bank (SVB), and Signature Bank were forced to shut shops and wind down their operations due to issues related to liquidity. This has left most crypto firms signing new partnerships with banks.
According to a statement released by the crypto exchange, Coinbase Singapore customers will be able to transfer funds to and from their Coinbase account using any local bank in the city-state for free.
The company noted that the aim is to offer users more flexibility and control of their assets by enabling them to cash in or cash out of their Coinbase account using bank transfers.
Investors King understands that this development, especially the partnership with Standard Chartered Bank will enhance crypto adoption in Singapore. It would be recalled that the Asian city announced plans to become a crypto and Blockchain hub.
Just last month, Singapore was ranked as the 4th most ready crypto city in the world after London, Dubai, and New York. The study was conducted by a well-known crypto tax software company “Recap”.
Commenting on the development, experts and crypto enthusiasts expressed a positive sentiment toward Coinbase’s expansion to Singapore. They positioned that such a move will aid adoption around Asia and create an alternative to unfriendly regulation in the United States.
In recent times, regulators in the United States have been very critical of cryptocurrency, stating that stablecoins such as BUSD are unregistered securities.
