- Coinbase has added support for USD transfers in Singapore.
- Coinbase customers in Singapore can use SWIFT to deposit/withdraw US dollars into their accounts.
Coinbase has improved the conversion between cash and cryptocurrency by introducing USD transfers via the SWIFT network in Singapore.
By enabling transfers in US dollars (USD), Coinbase has grown its market share in Singapore. The exchange declared that retail users can use the SWIFT network to send and receive USD between their accounts. Access between money and crypto is expected to be improved for Coinbase customers.
“We are excited to announce that US dollar transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem,” Hassan Ahmed, director at Coinbase, Singapore, commented.
Coinbase recently announced the opening of non-US spot markets for qualified clients through the Coinbase International Exchange.
Customers in Singapore will be able to trade USD with no commission if USD is supported. With Coinbase already providing commission-free trading for the trading of USDC with the Singapore dollar (SGD), the move offers users an additional alternative.
One of its main target markets for its worldwide expansion strategy is Singapore. Its integration with Singpass, Singapore’s digital identity network, made the onboarding process for the cryptocurrency exchange in that country in Southeast Asia easier.
Additionally, PayNow, a payment provider, has relationships that enable FAST bank transactions. In the meantime, Coinbase received the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) in October.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
