Coinbase adds USD transfers for users in Singapore

7:42 am
December 19, 2023

## Summary:

Coinbase, a popular cryptocurrency exchange, has expanded its services in Singapore to include US dollar transfers. This means that customers in Singapore can now deposit or withdraw US dollars using their Coinbase accounts, offering greater flexibility and convenience. The move is part of Coinbase’s broader strategy to enhance its presence in the Singapore market.

## Coinbase Adds Support for USD Transfers in Singapore

Coinbase has announced the addition of US dollar transfer support for its users in Singapore, allowing them to seamlessly move US dollars to or from their accounts using the SWIFT network. Hassan Ahmed, the country director of Singapore at Coinbase, expressed the company’s enthusiasm for providing greater access to USDC (US dollar coin) and the wider crypto ecosystem.

This expansion in service also includes commission-free trading for US dollars, providing customers with enhanced accessibility to USDC, which is designed to be pegged and redeemable 1:1 to the US dollar. Additionally, customers can earn up to 5.05% APY on their USDC holdings without any lockups or maximum limit.

Singapore holds significant importance in Coinbase’s global expansion strategy. The company’s integration with Singapore’s digital identity platform, Singpass, has streamlined the onboarding process. Furthermore, partnerships with payments provider PayNow and the approval of the Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS) have strengthened Coinbase’s position in the country.

Coinbase’s recent developments in Singapore come in the wake of its launch of spot trading markets for non-US institutional customers and the introduction of money transfers through popular messaging platforms like WhatsApp and Telegram. However, in the US, Coinbase is actively engaging in legal battles over crypto regulations, including filing an appeal against the US Security and Exchange Commission (SEC) after the regulator denied its crypto rulemaking petition.

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## FAQ

1. **What does the addition of USD transfer support mean for Coinbase customers in Singapore?**

Coinbase users in Singapore can now deposit or withdraw US dollars using their accounts, offering increased flexibility and convenience.

2. **What are the benefits of the expansion in service for customers in Singapore?**

In addition to US dollar transfers, customers can now enjoy commission-free trading for US dollars, providing easier access to USDC and the opportunity to earn up to 5.05% APY on their USDC holdings.

3. **Why is Singapore a key market for Coinbase?**

Singapore holds strategic significance in Coinbase’s global expansion strategy, and the company’s initiatives, such as integrating with Singpass and obtaining the MPI license, demonstrate its commitment to the Singapore market.

4. **What other developments has Coinbase made in Singapore recently?**

Besides the addition of USD transfer support, Coinbase has launched spot trading markets for non-US institutional customers and introduced money transfers through popular messaging platforms such as WhatsApp and Telegram.


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