Coinbase announced that it has partnered with Standard Chartered as part of its expansion plan.
Coinbase said they are planning to expand internationally in the next eight weeks and will begin this expansion with Singapore. The platform announced on March 15 that it has formed a strategic partnership with Standard Chartered as part of its expansion plan.
Partnership Integrates Banks and Crypto
The exchange stated that Singaporean investors can now transfer funds between their Coinbase account and any local bank.
However, the Monetary Authority of Singapore (MAS) has blocked retail crypto trading since it began tightening crypto rules.
Senior Minister Tharman Shanmugaratnam previously stated that MAS is wary of cryptocurrencies and discourages retail investors from participating in the trade, citing the dangerous nature of cryptocurrencies. Despite this, Coinbase promises to allow free transfers of funds between the exchange account and local banks. Reiterating compliance, Coinbase said it has received an In-Principle Approval (IPA) from the MAS.
However, Coinbase also made an announcement about its new feature. “We are pleased to introduce Singpass, the familiar and secure “2-click” experience that Singaporeans are used to using in their apps, and make it easy for you to join our platform,” the exchange said in its announcement.
Coinbase also announced that it has $240 million left in Signature Bank, which went bankrupt on March 12.
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