Coinbase adds US dollar transfers for users in Singapore
Coinbase says it now supports US dollar transfers in Singapore. Customers of the exchange can transfer US dollars to their accounts via SWIFT. Support for USD transfers is part of Coinbase's plan to expand its service in the key market of Singapore.
Crypto exchange Coinbase has announced that retail customers in Singapore can now transfer US dollars.
Users of the exchange in the country can deposit or withdraw dollars using their Coinbase account, the company wrote in a blog post.
“We're excited to announce that US dollar transfers are now available to Coinbase users in Singapore. As part of our mission to promote economic freedom around the world, we're building products to give our users better access to USDC and the broader crypto ecosystem,” said Hasan Ahmed, Singapore Country Director at Coinbase.
USD support will see Singaporean clients access commission-free trading for USD. The move gives customers another option, with Coinbase already offering commission-free transactions for trading USDC against Singapore dollars (SGD).
“Now, with the introduction of commission-free USD trading, customers can easily access USDC – designed to be pegged and 1:1 to USD. With no locks or caps, clients can easily earn up to 5.05% API on their USDC.
Coinbase eyes further expansion in Singapore
According to Coinbase, Singapore is a key focus market for its international expansion strategy. Joining Singapore's digital identity platform Singpass has helped ease the onboarding process of the crypto exchange in the Southeast Asian nation.
There are also partnerships with payments provider PayNow, adding to faster bank transfers. Meanwhile, the Monetary Authority of Singapore (MAS) granted a Major Payments Institution (MPI) license to Coinbase in October.
Today's announcement comes just days after Coinbase launched its spot trading marketplace for non-US institutional customers. The platform has recently launched money transfer on WhatsApp, Telegram and other social media platforms.
In the US, the exchange continues to fight for transparent crypto regulations and has filed an appeal against the US Securities and Exchange Commission (SEC) after the regulator rejected its crypto rulemaking petition.
