Cryptocurrency exchange Coinbase has partnered with Standard Chartered to allow customers in Singapore to transfer funds to and from their accounts via local banks. The move is part of Coinbase’s international expansion strategy and aims to provide a smoother path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking.
Previously, users could only purchase crypto via Visa or Mastercard debit or credit cards or transfer crypto in and out of their Coinbase account. The transfers, facilitated by Standard Chartered, are in Singapore dollars and carry no fees.
Coinbase’s Country Director for Singapore, Hassan Ahmed, stated that the partnership with Standard Chartered is part of Coinbase’s efforts to ramp up its Singapore retail offerings. The company received in-principle approval from the Monetary Authority of Singapore (MAS) last year to offer payment services in the city-state.
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Other crypto exchanges, such as Crypto.com and Gemini, already offer a similar service. However, Singapore has been cautious in encouraging retail involvement in the crypto space. In October, MAS proposed rules that would prohibit trading businesses from offering incentives or financing to retail customers.
The move by Coinbase comes at a time when confidence in the crypto market is fragile due to the recent collapse of FTX. The fallout from the exchange’s collapse continues to reverberate through the market. The closure of crypto-focused bank Silvergate Capital Corp in March is the latest casualty.
Improving Confidence in Crypto
The move by Coinbase to expand its services in Singapore comes at a time when the crypto market is facing challenges. The recent collapse of FTX has affected investor confidence, with the fallout continuing to reverberate through the market. In this context, Coinbase’s partnership with Standard Chartered could help to provide a smoother path for investors to enter the crypto space.
Coinbase’s efforts to ramp up its Singapore retail offerings will help to expand its customer base in the region. However, Singapore’s cautious approach to encouraging retail involvement in the crypto market could present a challenge.
Partnering with Standard Chartered will allow Coinbase customers to transfer funds to and from their accounts via local banks in Singapore, a service that was previously unavailable. This move will help to provide more options for investors looking to enter the crypto market.
