Amid the fall of major banks in U.S, foremost crypto exchange, Coinbase has collaborated with a Singapore-based financial institution, Standard Chartered. In a Wednesday announcement on its verified Twitter handle, Coinbase confirmed its resolution to enter into a strategic banking agreement with the bank to provide users with reliable, secure, seamless and convenient experience while exchanging their crypto assets.
According to the exchange, its collaboration with Standard Chartered will specifically allow its Singapore users to easily transfer funds from their Coinbase account via any local bank in the country. This thus means users can now make free bank transfers from their account on the exchange, thereby availing them full control of their assets.
Coinbase also introduced Singpass, a familiar and reliable “2 click” experience. According to the exchange, it developed Singpass to ensure that Singapore users are able to join its platform easily. Additionally, the crypto exchange also announced that it has upgraded its retail platform to further serve the increasing user-base across the globe.
Worthy of note that all these efforts by Coinbase in Singapore comes a few months after it secured a regulatory approval in the country. Recall that in October, the Monetary Authority of Singapore (MAS) issued an In-Principle Approval (IPA) to the exchange. This approval thus allows Coinbase to offer Digital Payment Token (DPT) services to Singaporeans. Ever since, the leading crypto exchange has been working assiduously towards bringing best product experience to the Singapore market.
Coinbase aiming to cement its presence across the globe
Certainly, Coinbase aims to cement its global presence, thereby expanding the base of its offerings. To actualize this, the exchange has continued to obtain regulatory licenses in countries. Just last December, it obtained an approval to offer virtual asset services in Ireland. Then, it announced Cormac Dinan as the director of its business operations in the country. Meanwhile, the regulatory approval covers two of its entities in Ireland. They are Coinbase Europe Limited and Coinbase Custody International Limited.
In September, it also secured a successful regulatory registration with De Nederlandsche Bank, the apex bank in Netherlands. This registration provides an enablement for the exchange to avail crypto services within the country. Earlier, Coinbase had secured a regulatory license from the Italian regulators to avail crypto services to its citizens. Although its efforts to expand crypto services suffered a setback in January after it closed down its operations in Japan. According to findings, Coinbase took the tough decision owing to the prevailing regulatory and market developments.