The major U.S.-based cryptocurrency exchange Coinbase has announced the availability of USD transfers for its retail customers in Singapore. Users in Singapore can now easily transfer US dollars (USD) to and from their Coinbase accounts using the bank-based SWIFT network, providing convenient access to the stablecoin USDC and the broader cryptocurrency market.
This introduction of USD transfers aligns with Coinbase’s overarching mission to promote global economic freedom by offering users enhanced tools to navigate the digital asset space. Singaporean customers, who already enjoy commission-free trading of USDC with Singapore dollars (SGD), can now benefit from the same advantage with US dollars, streamlining access to USDC.
Coinbase is also offering additional incentives to its users in Singapore, enabling them to earn up to 5.05% Annual Percentage Yield (APY) on their USDC holdings without any lockup period or maximum limits.
Singapore a key focus country for Coinbase
Singapore continues to be a focal point for Coinbase’s international expansion efforts.
Previous initiatives included integrating with Singpass, a digital identity system used in Singapore, to streamline the onboarding process for new users on the platform. Coinbase has also introduced convenient funding options like PayNow and FAST bank transfers in the region.
In October of this year, Coinbase obtained its Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the primary financial regulator in Singapore.
Furthermore, Coinbase Ventures, the venture arm of the exchange, has strategically invested in over fifteen web3 startups based in Singapore over the past three years.
The establishment of a dedicated team in the city underscores Coinbase’s commitment to driving investment activities in the Asia-Pacific region.
