To increase its banking options in the area, Coinbase has formed a strategic relationship with Standard Chartered Bank in Singapore. The decision was made in response to a recent upheaval in the US financial sector, which led to the closure of a number of cryptocurrency on- and off-ramps.
As a result of the partnership, Coinbase customers in Singapore will be able to freely transfer money to and from their accounts using any local bank there. Users of Coinbase will have more flexibility and control over their assets thanks to Standard Chartered's provision of the link to on- and off-ramp money.
In order to make it simple for Singaporeans to utilize the platform, Coinbase has now incorporated Singpass, Singapore's "2-click" digital identity tool. This action helps Singapore's goal of becoming into a major blockchain and cryptocurrency centre.
The alliance was made feasible when Coinbase received in-principle clearance from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to offer regulated digital token products and services in the island nation in October 2022.
Crypto companies and users have been compelled to look for alternate financial alternatives as a result of the recent disruption in the US banking sector. Many on- and off-ramps for cryptocurrencies were lost last week as a result of major financial institutions being forced to close their doors, including Silvergate Capital, Silicon Valley Bank, and Signature Bank.
By giving customers additional dependable banking options, the agreement between Coinbase and Standard Chartered in Singapore is anticipated to stabilize the cryptocurrency sector. To promote its growth and give its users more banking options, Coinbase has more collaborations planned with banks and other financial institutions in various locations.
Partnerships like this one are essential to creating a more stable and regulated environment as the crypto industry develops further. The partnership between Coinbase and Standard Chartered in Singapore is a step in that direction and supports Singapore's desire to establish itself as a major blockchain and cryptocurrency centre.
