Coinbase has expanded its services for users in Singapore. This move is seen as Coinbase’s effort to expand its international presence and escape regulatory pressure in the United States.
The company’s director in Singapore stated, “The message here is that the world will continue to progress with or without the US. We position ourselves as a global company.”
Coinbase was approved as a payment institution by the Monetary Authority of Singapore (MAS) in October 2022. More recently, the exchange has obtained an operating license in Bermuda, where it launched a derivatives trading platform.
On May 17, Coinbase announced the introduction of USDC trading services for customers using the Singaporean Dollar (SGD). This allows users to earn profits by holding USDC on the platform and opens up trading opportunities for over 200 assets with the USDC pair.
The exchange has also started offering staking features for assets including ETH, SOL, ADA, ATOM, and XTZ in Singapore.
These new features on Coinbase are a result of a survey conducted among 2,000 Singaporean citizens. The survey revealed that over a quarter of the country’s population considers cryptocurrencies as the future of finance, on par with the United States and surpassing the United Kingdom by over 17%. Additionally, the survey found that 32% of the island nation’s residents own or use cryptocurrencies, with half of them expressing a desire to trade cryptocurrencies this year.
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