Coinbase has introduced USD transfers via the SWIFT network in Singapore, thereby facilitating the conversion of fiat to cryptocurrency.
Coinbase, a cryptocurrency exchange listed on the Nasdaq, has introduced United States Dollar (USD) remittances to Singapore as part of its expansion. The exchange announced that USD transfers between retail accounts are now possible via the SWIFT network. This feature will facilitate the exchange of fiat for cryptocurrencies.
“Customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar.” the statement continues.
Stablecoins such as USDC are pegged to the dollar, facilitating their exchange with that currency. Coinbase is bolstering its presence beyond the borders of the United States as well.
Coinbase Expands its Service in Singapore
The exchange stated in the press release that Singapore is an essential center for its global expansion. In October 2023, the leading exchange in the United States was granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
Concurrently, the Singaporean central bank has been diligently engaged in the development of a framework for cryptocurrencies with the objective of mitigating risks and stifling conjecture among retail investors in the industry.
Singapore, in conjunction with significant players such as Hong Kong and the UAE, continues to maintain a strong position despite setbacks caused by major crypto industry collapses.
Coinbase reportedly incorporated Singpass, Singapore’s digital identity system, earlier in 2023. The platform implemented a streamlined process for consumer onboarding. Additionally, the proceeding of its worldwide expansion via the Coinbase International Exchange was disclosed.
“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.” the exchange announced last week.
Coinbase onboarded over one hundred institutions during the third quarter, with a trading volume of approximately $10 billion in perpetual futures. The company made perpetual futures available to qualified retail users on its Coinbase Advanced platform in October 2023.
We are excited to announce the next phase of our Coinbase International Exchange expansion – the launch of non-US spot markets for eligible customers, designed to address the unique needs and demands of our global user base. pic.twitter.com/JWEChT5BDa
— Coinbase 🛡️📞 (@coinbase) December 13, 2023Even with the expansion of its exchange operations, Coinbase is presently confronted with a complex predicament involving the SEC. After the SEC denied Coinbase’s request for cryptocurrency rulemaking on December 15, the cryptocurrency exchange promptly lodged an appeal contesting the ruling.