Coinbase recently announced adding support for USD transfers in Singapore. Retail customers in the region can now transfer United States Dollars to and from Coinbase accounts using SWIFT.
It will allow them to easily access USDC and the broader cryptocurrency market. As one of the top crypto exchanges in Singapore, Coinbase’s USD support opens massive opportunities for retail customers.
The exchange already offered commission-free trading while purchasing or selling USDC via SGD. The introduction of commission-free USD trading allows users to access USDC easily.
The stablecoin is pegged 1:1 with the dollar, making it one of the most stable coins in the market. USDC also offers a 5.05% APY to users for simply holding the coin without any maximum limit or lockups.
Singapore has elevated its status in the crypto market as a global technology hub. The region has become a central focus for International Expansion strategies. Coinbase announced an integration with Singpass earlier in 2023.
As the trusted virtual identity of Singapore, Singpass offers a streamlined onboarding process to customers. Coinbase has also introduced convenient funding options like FAST bank transfers and PayNow. It has even obtained the MPI (Major Payment Institution) license from the MAS (Monetary Authority of Singapore).
Coinbase Ventures, the team leading Coinbase’s venture arm, has invested in 15 Singapore-based Web3 startups. This development has massively expanded Coinbase’s reach in the Asia-Pacific region.
The exchange is looking forward to boosting Web3 progress in the region. It is ready to establish new partnerships to drive investment activity. Coinbase is continuing its collaboration with community groups like ACCESS, the Blockchain Association of Singapore, and the Singapore Fintech Association as well.
The decision will certainly boost Web3 progress in Singapore and connected regions simultaneously.