Coinbase, a cryptocurrency exchange listed on Nasdaq, has extended its presence in the Singapore market by introducing USD transfers. The exchange has recently announced that retail customers will now be able to transfer USD to and from their accounts using the SWIFT network. This new feature aims to improve accessibility and convenience in converting between traditional currency and cryptocurrency.
The statement notes, "Customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar.”
Stablecoins such as USDC are designed to be pegged to the dollar, simplifying the process of exchanging with the currency. In addition, Coinbase is actively strengthening its position in markets beyond the United States.
In their official statement, the exchange acknowledged Singapore as a vital hub for global expansion. It is worth noting that the largest US exchange obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in October 2023.
Meanwhile, the central bank of Singapore has been proactively working on establishing a cryptocurrency framework. This framework is primarily focused on mitigating speculative activities and minimizing risks for retail investors in the cryptocurrency sector. Despite facing challenges due to significant collapses in the crypto industry, Singapore remains steadfast and maintains a strong position alongside prominent players like Hong Kong.
In early 2023, Coinbase reportedly integrated Singpass, Singapore's digital identity system, to streamline customer onboarding on its platform. Additionally, the exchange revealed its plans for the next phase of global expansion with the introduction of the Coinbase International Exchange.
The exchange noted last week, "As we continue to expand our global presence with Coinbase International Exchange, spot markets will deliver a seamless, enhanced trading experience for perpetual futures traders and provide global users with greater access to a trusted non-US spot exchange.”
During the third quarter, Coinbase onboarded more than 100 institutions and experienced a trading volume of approximately $10 billion in perpetual futures. In October 2023, the company expanded its offering of perpetual futures to qualified retail users through its Coinbase Advanced platform.
Although Coinbase has been actively expanding its exchange operations, the company is currently facing challenges with the SEC (Securities and Exchange Commission). After the SEC rejected Coinbase's request for cryptocurrency rulemaking on December 15, the crypto exchange promptly filed an appeal against the decision.
The value of legal tender depends on what kind of use value it can be exchanged for. The value of BTC, on the other hand, depends on how much value it can retain in the long run.
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