Coinbase, a cryptocurrency giant, will enable the customers in Singapore to transfer money to and from accounts through regional banks, easing one route to investing in virtual assets at a time when the markets are financially unstable.
According to a statement from the company, transfers in Singapore dollars are handled by the traditional bank Standard Chartered and are free of charge. Users could only transfer cryptocurrency to and from their Coinbase accounts or make cryptocurrency purchases using a Mastercard or Visa debit or credit card in the past.
In an interview with Reuters, Hassan Ahmed, Coinbase’s country director for Singapore, said the decision was made as part of the business’s plan to expand internationally.
Coinbase’s Exposure to Signature Bank
Coinbase disclosed that it has a $240 million corporate liquid assets with Signature Bank, but anticipates recovering all of the money.
Moreover, Silvergate, Silicon Valley Bank, and Signature Bank were some of the biggest digital asset banks in the nation and their recent bankruptcy revealed the industry’s weakness and raised fears about it being shut off from the regulated US banking system.
In contrast, Singapore is referred to as the “Silicon Valley of Asia” due to its status as a major worldwide financial hub. Many businesses that deal with digital assets have recently been given the go-ahead to offer their services in the area by the country’s top financial regulator, MAS, including Coinbase, Crypto.com, Genesis, Circle and Paxos.
A cryptocurrency-focused hedge fund called One River Digital Asset Management, or ORDAM, was recently acquired by Coinbase.
According to a March 3 blog post by Coinbase, One River Digital will now operate as Coinbase Asset Management, “an independent business and wholly-owned subsidiary” of the cryptocurrency exchange.
In order to provide institutional grade financial planners with a unique platform to invest in digital assets and engage in associated activities, the two companies teamed up last year.
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