Coinbase adds USD transfers for users in Singapore

Coinbase says it now supports USD transfers in Singapore.
The exchange’s customers can move US dollars to or from their accounts via SWIFT.
Support for USD transfers is part of Coinbase’s plans to expand its services in the key Singapore market.

Crypto exchange Coinbase has announced that retail customers in Singapore now have access to US dollar transfers.

The exchange’s users in the country can now deposit or withdraw USD using their Coinbase accounts, the company wrote in a blog announcement, with these available via the SWIFT network.

“We are excited to announce that US dollar transfers are now available for Coinbase users in Singapore. As part of our mission to increase economic freedom in the world, we build products for our users to better access USDC and the broader crypto ecosystem,” Hassan Ahmed, the country director of Singapore at Coinbase, noted.

Support for USD will see Singapore customers access commission-free trading for USD. The move gives customers another option, with Coinbase already offering commission-free trading for the trading of USDC with the Singapore dollar (SGD).

“Now, with the introduction of commission-free trading for US dollars, customers can more easily access USDC – designed to be pegged, and redeemable 1:1, to the US dollar. Customers can also be rewarded up to 5.05% APY on their USDC simply by holding, with no lockups or maximum limit,” Ahmed added.

Coinbase eyes further expansion in Singapore

According to Coinbase, Singapore is a key focus market for its global expansion strategy. Its integration with Singapore’s digital identity platform Singpass helped streamline the crypto exchange’s onboarding process in the Southeast Asia nation.

There are also partnerships with payments provider PayNow, adding it to FAST bank transfers. Meanwhile, the Monetary Authority of Singapore (MAS) granted Coinbase the Major Payment Institution (MPI) licence in October.

Today’s announcement comes just days after Coinbase launched its spot trading markets for non-US institutional customers. The platform also recently unveiled money transfer via WhatsApp, Telegram and other social media platforms.

In the US, the exchange continues to fight for clear crypto regulations, and filed an appeal against the US Security and Exchange Commission (SEC) after the regulator denied its crypto rulemaking petition.