Coinbase Penetrates Singapore With New Retail Bitcoin Service
The operations is part of the San-Francisco-based company’s expansion into Asia to make digital currency more accessible around the globe, Brian Armstrong, Coinbase CEO and co-founder, disclosed.
The cryptocurrency exchange and wallet service firm in Singapore, set to open on Thursday, will allow clients to buy and sell virtual cash with the Singapore currency.
At around 8 a.m. today Singapore local time, customers in the country can buy and sell digital cash using Singapore Dollars via Coinbase.
Coinbase has also unveiled a buy and sell service as well as a bitcoin exchange for professional online traders in Canada earlier this week.
According to Coinbase International Expansion head David Farmer, The Lion City is a major market for the company. “At present, over 15,000 people in Singapore have signed up for a Coinbase Wallet.”
With more and more customers realizing the importance of bitcoin, Coinbase is making sure they give what the people need. Famer added: “By extending our buy and sell service in Singapore, we are helping to make their on-ramp to the Bitcoin world as simple and as safe as possible as we move ahead.”
Unlike conventional currencies, digital money is purchased and sold via peer-to-peer network immune to government control. Being independent in nature, Bitcoin is not supported by a central bank, and its value fluctuates based on user demand.
Singapore has a reputation for financial trust and confidentiality, and is well-established to serve a big chunk of the rapidly-evolving emerging markets like Thailand, Vietnam, Indonesia, and Philippines.
Today, Coinbase has business centers in nearly 30 geographical locations around the globe. The company aims to have a presence in 40 countries by the end of the year, Armstrong said.
Coinbase is being funded by 21 investors, totalling $107 million. Based on analysts estimates, the company is worth more than $400 million.
Bitcoin was trading at $229.35, rising 0.6 pct on the day as of Wednesday.