The prominent US-based cryptocurrency exchange, Coinbase, has revealed the introduction of USD transfers for its retail clientele in Singapore. This means that users in Singapore now have the convenience of transferring US dollars (USD) to and from their Coinbase accounts through the bank-based SWIFT network. This development facilitates easy access to the stablecoin USDC and the broader cryptocurrency market.
Coinbase Launches SWIFT USD Transfers in Singapore
Coinbase’s move to enable USD transfers aligns with its overarching mission to promote global economic freedom, providing users with enhanced tools to navigate the realm of digital assets. Singaporean customers, who already enjoy commission-free trading of USDC against Singapore dollars (SGD), can now extend the same benefit to transactions involving US dollars, thereby streamlining access to USDC.
In addition to these enhancements, Coinbase is extending extra incentives to its Singaporean users. They now have the opportunity to earn up to 5.05% Annual Percentage Yield (APY) on their USDC holdings without any lockup period or maximum limits, further enhancing the appeal of Coinbase’s offerings in the Singaporean market.
Coinbase Places Significant Emphasis on Singapore as a Central Target Market
Singapore Remains a Central Focus for Coinbase’s Global Expansion Strategy. Past initiatives include integrating with Singpass, a digital identity system in Singapore, streamlining user onboarding. Coinbase has introduced user-friendly funding options like PayNow and FAST bank transfers in the region.
In October of this year, Coinbase secured its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the primary financial regulatory body in Singapore.
Simultaneously, Coinbase Ventures, the exchange’s venture arm, has strategically invested in over fifteen web3 startups based in Singapore over the past three years.
The establishment of a dedicated team in the city underscores Coinbase’s commitment to driving investment activities in the Asia-Pacific region.
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