Exchange platform Coinbase has just received a license to allow the buying and selling of cryptocurrencies in Singapore. In addition, the firm currently had nearly 100 employees in the Southeast Asian state.
Founded in June 2012, Coinbase is a U.S.-based platform for buying and selling cryptos. Users can easily send or receive cryptos on their choice of a website or mobile app. The goal of the founders, Brian Armstrong and Fred Ehrsam, is to offer a fairer financial system by allowing everyone to buy and sell Bitcoins simply and securely.
As a reminder, Coinbase will go public (Nasdaq) in 2021 with an initial listing at $250 per share. This year marks a turning point in the world of crypto-economy. The company also made several acquisitions that same year and signed an agreement with PayPal to facilitate payments for its customers. By 2022, the platform is present in more than 100 countries and has no less than 73 million users.
Coinbase, Singapore is a strategic market!
It seems that Coinbase does not intend to stop expanding into more countries. Indeed, the giant said it has received approval from the central bank of Singapore to offer payment services there.
In addition, any entity wishing to provide any type of payment service in Singapore must first obtain the appropriate license. This is under the Payment Services Act. The in-principle approval, which the central bank started giving to crypto businesses last year, means that individuals and institutions can use digital payment token services and the businesses are regulated by the central bank under its Payment Services Act. Hassan Ahmed, Coinbase’s regional director for Southeast Asia, said:
“We see Singapore as a strategic market and a global hub for Web3 innovation.”
It is worth noting that on Wednesday, June 22, Crypto.com also announced the approval of MAS, which is required to offer digital payment token services under the Singapore Payment Services Act.