coinbase local bank transfers in singapore: Coinbase opens free local bank transfers for users in singapore

Cryptocurrency exchange Coinbase will allow customers in Singapore to transfer funds to and from accounts through local banks, facilitating one path to investing in digital assets at a time when markets are on the verge of financial stability and cryptocurrency banking.

Transfers in Singapore dollars are made by the traditional bank Standard Chartered and are not subject to commission, the company said in a statement. Previously, users could only buy cryptocurrencies with a Visa or Mastercard debit or credit card, and transfer cryptocurrencies to and from their Coinbase account.

Hasan Ahmed, director of Coinbase in Singapore, said in an interview with Reuters that the move was part of the company’s international expansion strategy. A similar service is already offered by competitors and Gemini.

Coinbase, which received approval in principle from the Monetary Authority of Singapore (MAS) last year to provide payment services in the city-state, is looking to expand its retail offerings in Singapore, Ahmed said.

Singapore has generally welcomed the cryptocurrency business but has been wary of encouraging retail. In October, MAS proposed rules to prevent merchants from offering benefits or financing to retail customers.

Coinbase Announcement Also Linked To Confidence In Cryptocurrency As Consequences Of Spectacular Crash crypto exchange FTX continues to influence the markets.

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The latest casualty was crypto bank Silvergate Capital Corp, as it announced it was closing earlier in March.Bank Signature

On Monday, Coinbase Global Inc stated that approximately $240 million in corporate cash balances at Signature Bankit said in a tweet on Sunday, hours after state regulators shut down the New York lender.

“Due to the FDIC’s hold on Signature transactions, we are currently facilitating all customer cash transactions with other banking partners,” the tweet read.

State regulators closed New York-based Signature Bank on Sunday in what was the third-biggest bankruptcy in U.S. banking history, two days after authorities shut down a Silicon Valley bank in a crash that left billions of deposits stranded .

The Federal Deposit Insurance Corporation (FDIC) has taken control of Signature, which had $110.36 billion in assets and $88.59 billion in deposits at the end of last year, according to the New York State Department of Financial Services.

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