Coinbase Penetrates Singapore With New Retail Bitcoin Service
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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.
Questions & Answers
Q.What services will Coinbase offer to retail customers in Singapore?
What services will Coinbase offer to retail customers in Singapore?
Coinbase will allow clients in Singapore to buy and sell virtual cash using Singapore Dollars. This new service aims to make digital currency more accessible in the region.
Q.How many people in Singapore have already signed up for a Coinbase Wallet?
How many people in Singapore have already signed up for a Coinbase Wallet?
According to David Farmer, Coinbase International Expansion head, over 15,000 people in Singapore have already signed up for a Coinbase Wallet, indicating significant local interest.
Q.Where else has Coinbase recently expanded its retail services?
Where else has Coinbase recently expanded its retail services?
In addition to Singapore, Coinbase has also unveiled a buy and sell service for retail customers and a bitcoin exchange for professional online traders in Canada earlier this week.
Q.Why is Singapore considered a key market for Coinbase's expansion?
Why is Singapore considered a key market for Coinbase's expansion?
Singapore has a reputation for financial trust and confidentiality, making it well-established to serve emerging markets like Thailand, Vietnam, Indonesia, and the Philippines, which are key for Coinbase's global growth.
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