Coinbase is now offering consumers in Singapore the ability to buy and sell bitcoin using Singapore dollars, a move that marks its formal introduction to the Asian market.
The announcement follows on the heels of the news Coinbase would launch services in Canada following a partnership with bitcoin compliance firm Vogogo. Coinbase, which has raised more than $100m in four venture rounds, is now open to consumers in 28 countries globally.
Coinbase suggested the announcement is reflective of what it called a "welcoming environment" for bitcoin in Singapore, stating:
"Regulators have taken a fairly progressive stance toward the technology, and appetite for use cases like remittances and cross-border payments bodes well for consumer adoption."
In its blog post, the company sought to further describe Singapore as a market where bitcoin had "already gained traction" among users including consumers, developers and traders.
The news comes amid increasing signs that the industry is taking hold in the city-state, with the Monetary Authority of Singapore recently announcing it would invest in a blockchain initiative as part of a wider investment in financial technology.
The company did not comment as to whether its Singapore operations could allow it to expand to other Asian markets or how it would augment the service to appeal to a new demographic of users.
However, Coinbase is not without local competition in the market, as Singapore ranks 11th among global nations when it comes to investment in industry startups.
According to Bitcoin News's Q2 State of Bitcoin report, $3.4m has so far been invested in startups in Singapore, with notable companies including CoinHako and Tembusu.
Singapore map via Shutterstock
No comments:
Post a Comment