Breaking: Coinbase Partners Top Bank To Introduce Free Transfers Amid Banking Woes
Crypto exchange Coinbase has introduced free bank transfers and Singpass integration to make it easier for customers in Singapore to join the platform. The exchange has also upgraded its Help Centre and Coinbase Learning to solve queries and educate about cryptoeconomy, which will help users access more than 200 crypto assets for trading.
Coinbase forms a strategic banking partnership with Standard Chartered, as per a blog published on March 15. It enables customers in Singapore to transfer funds to and from their accounts using any Singaporean bank for free.
Previously, Singapore customers used only a Visa or Mastercard debit or credit card to purchase crypto, or transfer crypto in and out of their Coinbase account.
Moreover, Coinbase has integrated Singapore’s digital identity app Singpass to make it easier for Singaporeans to join the crypto exchange.
Hassan Ahmed, country director for Coinbase Singapore, said discussions with Standard Chartered were ongoing before the collapse of three crypto-friendly banks in the U.S. The move is part of Coinbase’s expansion strategy, as rivals Crypto.com and Gemini already offering a similar service.
“For banking integration in particular, definitely I’d say that the backdrop is sort of a little interesting and in contrast.”
Coinbase Expansion Strategy Amid Crypto Adoption in Singapore
Last year, Coinbase received in-principle approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide regulated payment services in the country.
Singapore is a crypto and blockchain hub offering several related services to institutions and retail investors. As recent times have been challenging, with Hong Kong preparing to become a crypto hub, Singapore is introducing rules and regulators to improve the crypto landscape while protecting investors.
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