Coinbase Opens Engineering Hub in Singapore to Foster Crypto Talent

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Hassan Shittu

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Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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November 6, 2024 06:08 EST

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Coinbase has unveiled a new Engineering Hub in Singapore, marking its latest initiative to strengthen the local developer ecosystem and expand its footprint in the Asia-Pacific (APAC) region.

The Engineering Hub, launched in partnership with the Singapore Economic Development Board (EDB), is expected to provide resources and training to nurture local blockchain talent and advance the on-chain economy.

Coinbase’s New Engineering Hub: What Is Singapore Up to?

The new Engineering Hub is part of Coinbase’s broader expansion plan in the APAC region.

Coinbase currently employs over 600 staff members across APAC, including 70 in Singapore, and the company plans to increase its local workforce as the hub develops.

The company is building infrastructure that supports Web3 innovation, which empowers Singaporean engineers to create decentralized solutions with real-world applications.

Executive Director of Digital Industry Singapore, Philbert Gomez, expressed excitement about the partnership.

He emphasized the opportunities it will create for local talent to engage in advanced product engineering and blockchain innovation.

He noted:

“Coinbase’s new Engineering Hub underscores Singapore’s status as a hub for responsible blockchain innovation,”

Notably, the initiative aligns with Singapore’s Smart Nation 2.0 strategy, which promotes digital upskilling and technological advancement to maintain a competitive edge in global finance and technology sectors.

The Engineering Hub is designed to address Singapore’s increasing need for a future-ready workforce skilled in emerging digital technologies.

According to a Coinbase survey, 56% of finance-forward Singaporeans believe cryptocurrency is the future of finance, indicating that local demand for blockchain expertise is rising.

Coinbase’s Singapore Country Director, Hassan Ahmed, also shared similar sentiments about the company’s mission.

He stated that the Engineering Hub is a step toward “building the future of Web3 and making cryptocurrency more accessible” to Singapore’s residents.

Ahmed noted that the hub would support Coinbase’s long-term goal of onboarding one billion people to the crypto economy by focusing on accessible solutions and financial inclusion within the digital asset space.

Strengthening APAC’s Crypto Landscape Amid Growing Global Interest

Coinbase’s Singapore hub launch follows a series of similar initiatives by international crypto companies aiming to establish a foothold in the region, especially given APAC’s robust interest in digital assets and decentralized finance (DeFi).

U.S.-based Gemini, for instance, recently received preliminary approval from Singapore’s Monetary Authority for a major payment institution license.

The announcement also coincides with the recent third-quarter earnings report, which fell short of analysts’ predictions. Revenue of $1.2 billion fell short of the expected $1.26 billion, and earnings per share were $0.28, below the $0.45 projection.

Transaction revenue declined 27% from the previous quarter to $573 million, while subscription and services revenue dipped by 7% to $556 million.

However, stablecoin revenue rose 3% quarter-over-quarter to $247 million, benefiting from increased USDC balances.

Following the earnings announcement, Coinbase’s stock fell 4.8% in after-hours trading. Despite market challenges, Coinbase maintained $8.2 billion in cash and launched a $1 billion stock repurchase program.

Similarly, Coinbase recently reported a 5% rise in full-time employees in Q3, reaching 3,672 workers, compared to the 2022 fall in crypto hiring.

Although Coinbase’s workforce remains 18% below its end-2022 levels, this increase suggests a hopeful trend and industry stabilization.

Coinbase invested heavily in its workforce, spending $271 million on personnel costs and $248 million on stock-based compensation, following a restructuring in January aimed at cutting costs amid market challenges.

Amid all these, Justin Sun, founder of Tron, recently refuted Coinbase CEO Brian Armstrong’s claim that the exchange offers free token listings, alleging that Coinbase requested $80 million worth of TRX and a $250 million Bitcoin deposit to list TRON.