Coinbase launches free USDC purchase, staking service in Singapore
Coinbase, a prominent US cryptocurrency exchange, has unveiled a range of new products tailored for its users in Singapore as part of its global expansion strategy.
These offerings aim to enhance the trading experience and provide incentives for users using USDC, the stablecoin pegged to the US dollar that was developed in concert with Circle.
One notable development is that Coinbase will not impose any commissions for Singaporean customers purchasing USDC with Singapore dollars (SGD). Additionally, the exchange has listed 200 trading pairs against USDC, expanding the available options for advanced trading. The platform has also introduced a crypto staking service, allowing users to earn rewards by holding USDC.
The latest offering by Coinbase in Singapore will reportedly include popular cryptocurrencies such as Ethereum, Solana, Cardano, Cosmos, and Tezos. These additions provide users with more diverse options for trading and investing.
“We firmly believe that USDC will be a key component of a new financial paradigm. Its reliability makes it an attractive collateral asset for DeFi protocols, and it has already seen significant adoption for paired trading with other digital currencies across exchanges. In fact, the top three stablecoins, including USDC, account for almost 90% of centralised exchange trading volume,” Coinbase said in a blog post.
Earlier in March, Coinbase updated its retail platform in Singapore to reflect a new strategic banking partnership with Standard Chartered that enables customers to move funds to and from accounts via local banks.
Coinbase customers in Singapore now can easily cash in or cash out of their exchange accounts using bank transfers for free. The move provides users with more flexibility and control over their assets as they were previously forced to use debit or credit cards to transact with Coinbase.
The Nasdaq-listed crypto exchange operator has also integrated with Singpass, Singapore’s national digital identity (NDI). The scheme provides a convenient and secure platform for users to transact with government agencies and 700 private sector organisations. The suite of its services includes a simple “2-click” experience that Singaporeans are accustomed to using across their apps, making it even easier for Coinbase to onboard them to the platform.
The decision to expand services in Singapore is part of Coinbase’s broader international expansion strategy, which included the launch of an international derivatives exchange in Bermuda. This expansion comes amidst a deepening regulatory crackdown in its home country.
