Coinbase, a leading name in the crypto sphere, has achieved a significant milestone by obtaining a crucial payment institution license from the Monetary Authority of Singapore. This momentous development paves the way for Coinbase to expand its digital payment token services within the burgeoning Singaporean market.
Singapore stands as a pivotal arena for Coinbase’s expansion efforts, as it holds immense potential in the realm of cryptocurrencies. Astonishingly, 25% of Singaporeans perceive cryptocurrencies as the future of finance, underlining the nation’s strong crypto affinity. Furthermore, an impressive 32% of Singaporeans have already dabbled in or currently hold cryptocurrencies, showcasing the substantial user base.
Intriguingly, Singapore is home to a thriving ecosystem of over 700 Web3 companies, solidifying its status as a key player in the crypto and Web3 economy. Coinbase, recognizing this vast potential, has been actively tailoring its products to cater to the unique demands of the Singaporean market.
Moreover, Coinbase is committed to nurturing robust partnerships with industry associations, reinforcing its presence in Singapore. The company also has strategic plans to invest in specific sectors, further solidifying its foothold in this dynamic market.