Customers in Singapore will be able to transfer funds to and from their Coinbase accounts via local banks, The cryptocurrency exchange has announced.
Standard Chartered will facilitate transfers in Singapore dollars at no cost, the company said in a statement. Before, customers could only acquire cryptocurrency using a Visa or Mastercard debit or credit card or move cryptocurrency into or out of their Coinbase accounts.
Hassan Ahmed, Coinbase’s country director for Singapore, explained that the move was part of the company’s foreign expansion strategy.
He said that Coinbase, which gained authorization in principle from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state last year, is planning to expand its retail capabilities in Singapore.
Coinbase’s announcement comes at a time when crypto confidence is fragile, as the market impact from the stunning collapse of crypto exchange FTX continues to reverberate.