- Coinbase announced that it now supports USD transfers from Singapore.
- Exchange customers can transfer US dollars to their accounts via SWIFT.
- USD remittance support is part of Coinbase’s plan to expand its services in the key Singapore market.
Cryptocurrency exchange Coinbase has announced that retail customers in Singapore can now utilize US dollar transfers.
Exchange users in those countries can now deposit or withdraw USD using their Coinbase accounts, and these features are available through the SWIFT network, the blog announcement said.
“We are pleased to announce that US Dollar transfers are now available to Coinbase users in Singapore. As part of our mission to increase economic freedom around the world, we build products that give users better access to USDC and the broader cryptocurrency ecosystem.said Hassan Ahmed, Coinbase’s Singapore Country Manager.
USD support allows Singapore customers to trade USD without any fees. This move gives customers another option, with Coinbase already offering commission-free trading for USDC and Singapore Dollar (SGD) transactions.
“Now, with the introduction of commission-free trading against the US dollar, customers can more easily access USDC, which is pegged 1:1 to the US dollar and is designed to be redeemable. Customers can earn up to 5.05% APY in USDC simply by holding, without lockups or maximum limits.”Ahmed added.
Coinbase Seeks Further Expansion in Singapore
According to Coinbase, Singapore is a key market for its global expansion strategy. The integration with Singapore-based digital identity platform Singpass has helped streamline the onboarding process for cryptocurrency exchanges in the Southeast Asian country.
We’ve also added FAST bank transfers through a partnership with payments provider PayNow. Meanwhile, the Monetary Authority of Singapore (MAS) granted Coinbase a Primary Payment Institution (MPI) license last October.
Today’s announcement comes just days after Coinbase launched its spot trading market for non-U.S. institutional clients. The platform recently also unveiled money transfers through WhatsApp, Telegram, and other social media platforms.
In the United States, exchanges continue to fight for clear cryptocurrency regulation, filing an appeal against the U.S. Securities and Exchange Commission (SEC) after the regulator rejected their petition for cryptocurrency rulemaking.