Coinbase is looking to expand its operations, with Singapore being the first stop. As part of its ambitious plans, the digital currency trading platform has announced a strategic partnership with Standard Chartered in Singapore, to provide its users with an option to transfer money between any bank and Coinbase.
This announcement comes amid a decline in the banking sector in the United States, leading to the loss of a number of banks that trade in digital currencies.
According to Coinbase’s official blog, its customers in Singapore will be able to transfer funds to and from their Coinbase accounts using any local bank in Singapore for free. This move aims to provide users with more flexibility and control over their assets by enabling them to withdraw or deposit from their Coinbase accounts using bank transfers.
In this way, Standard Chartered will provide the connection for withdrawal and deposit. In the same announcement, Coinbase explained that it has integrated the digital identity verification app known as “Singpass” in Singapore to enable citizens to benefit from the platform.
The Monetary Authority of Singapore granted Coinbase in principle approval under the Payment Services Act to offer regulated digital currency products and services in the island state in October last year.
