Coinbase recently announced that it is adding support for USD transfers in Singapore. Retail customers in the region can now transfer U.S. dollars between their Coinbase accounts using SWIFT.
This provides easy access to USDC and the wider cryptocurrency market. As one of Best cryptocurrency exchange in SingaporeCoinbase’s USD support opens up tremendous opportunities for retail customers.
The exchange already offered commission-free trading while buying or selling USDC via SGD. The introduction of commission-free USD trading provides users with easy access to USDC.
Stablecoins are pegged 1:1 to the dollar, making them one of the most stable coins on the market. USDC also offers a 5.05% APY to users who simply hold coins without any caps or lockups.
Singapore has increased its status as a global technology hub in the cryptocurrency market. This region has become a central focus of our international expansion strategy. Coinbase announced integration with Singpass in early 2023.
Singpass, Singapore’s trusted virtual identity, offers customers a streamlined onboarding process. Coinbase has also introduced convenient funding options such as FAST bank transfers and PayNow. It has also obtained a Primary Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Coinbase Ventures, the team leading Coinbase’s venture arm, has invested in 15 Singapore-based Web3 startups. This development significantly expands Coinbase’s presence in the Asia Pacific region.
The exchange hopes to promote Web3 development in the region. We are ready to forge new partnerships to drive our investment activities. Coinbase also continues to collaborate with community groups such as ACCESS, Singapore Blockchain Association, and Singapore Fintech Association.
This decision will certainly simultaneously promote the development of Web3 in Singapore and its connected regions.