Coinbase Expands in Singapore: Launches USD Transfers via SWIFT – Crypto Adoption on the Rise?

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Fredrik Vold

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Fredrik Vold

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December 19, 2023 08:01 EST

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The major US-based crypto exchange Coinbase has announced the availability of USD transfers for its retail customers in Singapore, according to an announcement.

Now, users in Singapore can seamlessly transfer US dollars (USD) to and from their Coinbase accounts using the bank-based SWIFT network, unlocking easy access to the stablecoin USDC and the broader crypto market.

The introduction of USD transfers aligns with Coinbase’s overarching mission to increase economic freedom globally, providing users with enhanced tools to navigate the world of digital assets.

Singaporean customers, who already benefit from commission-free trading of USDC with Singapore dollars (SGD), can now enjoy the same advantage with US dollars, further simplifying the process of accessing USDC.

Notably, Coinbase is extending additional incentives to its users in Singapore, allowing them to earn up to 5.05% Annual Percentage Yield (APY) on their USDC holdings without any lockup period or maximum limits.

Singapore a key focus country for Coinbase

Singapore remains a key focus market for Coinbase’s international expansion strategy.

Earlier initiatives include integration with Singpass, a digital identity system used in Singapore, to streamline onboarding processes for new users on the platform.

Coinbase has also introduced convenient funding options such as PayNow and FAST bank transfers in the region.

In October this year, Coinbase obtained its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the main financial regulator in Singapore.

Meanwhile, Coinbase Ventures, the venture arm of the exchange, has made strategic investments in over fifteen web3 startups based in Singapore over the past three years.

The establishment of a dedicated team in the city also underscores Coinbase’s commitment to driving investment activities in the Asia-Pacific region.