The practice of purchasing digital assets has been simplified due to Coinbase, one of the major cryptocurrency exchanges in the world, opening up the transfer of cash to and from wallets through local banks.
The revelation comes at a pretty unfavorable time for the markets, which are fighting to maintain their buoyancy due to concerns over the financial system’s stability and crypto banking.
Standard Chartered is the one that gives the go-ahead for the exchange of Singapore dollars, and there are no fees associated with the conversion.
Formerly, Singaporean customers of Coinbase could only buy crypto using a Visa or Mastercard debit or credit card or transfer and receive cryptocurrency using their Coinbase accounts.
‘Go Broad, Go Deep’ Initiative of Coinbase
The move appears to be a part of Coinbase’s recently introduced international strategy known as “Go Broad, Go Deep.”
According to this strategy (1), the company intends to launch new schemes in countries outside the United States that span six continents, including South America, Europe, Africa/the Middle East, Asia, and Australia.
The initiatives that will be initiated for eight weeks per this strategic plan will include declaring special alliances with the finance industry, engaging with the native regulators and governments, and initiating novel services and goods that also constitute customized projects.
Coinbase has made it easier for customers to sign up by integrating Singpass, a secure “two-click” experience that customers in Singapore are accustomed to using across all their apps. This allows Coinbase to give customers more flexibility regarding the ability to conduct transactions freely.
Nevertheless, that is not the end of the story. Coinbase has also improved its Help Center to better assist customers with inquiries and concerns regarding the buying and selling of digital tokens.
A group of knowledgeable individuals is also available to respond to inquiries and provide any assistance that may be required via various platforms, such as live chat.
Coinbase, consistently ranked among the most popular cryptocurrency exchanges, currently supports over two hundred different assets, including Bitcoin and Ethereum.
Because the firm asserts that it is aware of the complexities involved in participating in the cryptocurrency market, it has also released a collection of materials under Coinbase Learning.
Clients will gain a better understanding of the crypto economy as a result, and they will also receive helpful hints for navigating the market.
In addition, the company has been granted In-Principle Approval (IPA) to provide regulatory Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS), which is authorized to do so by the Payment Services Act (PSA).
Singapore has a long history of welcoming crypto businesses, but the country is still uncertain about how retail customers will connect with the virtual marketplace.
In October, the MAS proposed new legislation making it illegal for trading organizations to provide retail consumers with incentives or funding.
After the FTX cryptocurrency exchange failed, the disclosure made by Coinbase instilled a sense of trust in the relatively feeble and volatile cryptocurrency industry.
The most recent victim was the cryptocurrency-focused bank Silvergate Capital, which announced in February that it intended to close its doors permanently in March.