Coinbase, a leading cryptocurrency exchange based in the United States, has launched a new platform in Singapore named “Coinbase Business,” marking a significant step in its global expansion strategy. According to a report from Tech In Asia, this new platform represents Coinbase’s first international venture outside the U.S., aimed at providing local startups and SMEs with opportunities for cryptocurrency trading and payments. It offers instant transfers in Singapore dollars, in collaboration with Standard Chartered, and enables immediate settlements with stablecoins like USDC and XSGD.
Real-Time Transfers with Standard Chartered Collaboration
Coinbase Business was developed to offer Singapore-based businesses easy access to the digital asset ecosystem. The banking partnership with Standard Chartered facilitates real-time transactions in Singapore dollars and allows cryptocurrency payments to be finalized within minutes. This collaboration is set to significantly reduce the long processing times and high international transfer costs often associated with traditional payment systems.
The platform provides businesses with a liquidity advantage through instant settlements using regulated stablecoins like USDC and XSGD. Coinbase has stated that this service will help mitigate refund and chargeback risks in international trade. Furthermore, the platform is designed in full compliance with Singapore’s advanced regulatory framework to ensure secure digital payments enactment.
A New Contribution to Singapore’s Digital Finance Ecosystem
Coinbase’s initiative in Singapore reflects its strategic approach towards the Asian market. The company has played an active role in the Monetary Authority of Singapore’s (MAS) BLOOM Initiative, contributing to the development of cryptocurrency settlement systems in the country. With the launch of Coinbase Business, the company aims to support the regional cryptocurrency economy by providing Singapore-based companies with early access opportunities.
Designed for local startups and SMEs, the platform aims to set a global standard within digital payment infrastructure. Coinbase’s management aspires to facilitate the removal of financial borders by promoting the use of stablecoins in international payments. This venture is seen as the beginning of a new era where traditional finance merges with blockchain-based solutions.
