Coinbase has said that it has bid to expand internationally in the next eight weeks and will begin expansion with Singapore.
On Wednesday, the exchange announced a new strategic banking partnership with Standard Chartered as part of its expansion plan.
Coinbase Partnership Integrates Banks And Crypto
The exchange noted that retail customers in Singapore can now transfer funds between their Coinbase accounts and any domestic bank. In addition to upgrading its platform for transfers, the collaboration with Standard Chartered opens the way for exchange between the Singapore dollar and crypto.
However, retail cryptocurrency trading has been discouraged since the Monetary Authority of Singapore (MAS) began tightening crypto regulations.
Senior minister Tharman Shanmugaratnam previously said that the MAS is wary of cryptocurrencies and discourages retail investors from participating in trading, noting the “dangerous” nature of cryptocurrencies.
Therefore, Singapore’s quest to become a crypto hub comes with a regulatory mandate. Despite this, Coinbase pledges to allow easy fund transfers between an exchange account and any local bank for free. The Nasdaq-listed exchange reiterated the compliance, saying it has received in-principle approval (IPA) from MAS. The agency provides approval under the Payment Services Act (PSA) for regulated Digital Payment Token (DPT) services.
That said, Coinbase also started with SingPass. In its announcement, the exchange said, “We are also delighted to introduce SingPass, the familiar and secure “2-click” experience that Singaporeans are accustomed to using, to our app, making it even more convenient for you to connect to our platform.” gets easier.”
The impact of the decade’s biggest bank collapse in Singapore
The sudden collapse of Silicon Valley Bank and Signature Bank revealed significant crypto exposure, including to businesses based out of Singapore. The demise of Silvergate Capital Corp was another casualty in March alone.
MAS informed media outlets that it is in close contact with Enterprise Singapore to assess the impact of the crisis on businesses within and outside the island state. The agency said, “Initial response indicates that the impact is limited. MAS and other government agencies will continue to closely monitor the situation for any signs of escalation.”
Meanwhile, Coinbase disclosed a $240 million exposure to the now-defunct Signature Bank on March 12. According to the US-listed exchange, the FDIC guarantee makes it unlikely that it will lose its corporate cash holdings to a collapse.
Additionally, the cryptocurrency market is rebounding, despite fragile investor sentiment. At press time, the global cryptocurrency market cap remains above $1 trillion.
Both Bitcoin and Ethereum posted gains over the past 24 hours, while most altcoins are also trading in the green after a rough week.
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.