Coinbase And Standard Chartered Unite To Tackle Banking Turmoil

Key Points:

• Coinbase has announced a strategic partnership with Standard Chartered Bank in Singapore to expand its banking offerings in the region.
• The partnership was made possible after the Monetary Authority of Singapore (MAS) granted Coinbase an in-principle approval under the Payment Services Act (PSA) to provide regulated digital token products and services in the island state in October 2022.

Coinbase has announced a strategic partnership with Standard Chartered Bank in Singapore to expand its banking offerings in the region. The move comes amid a recent disruption in the US banking industry that has resulted in the loss of several on- and off-ramps for cryptocurrencies.

Under the partnership, Singaporean users of Coinbase will be able to transfer funds to and from their accounts using any local bank in the city-state for free. Standard Chartered will provide the connection to on- and off-ramp money, giving Coinbase users more flexibility and control of their assets.

In addition, Coinbase has integrated Singapore’s “2-click” digital identity app, Singpass, to enable Singaporean citizens to access the platform easily. This move supports Singapore’s aim to become a global hub for blockchain and crypto.

The partnership was made possible after the Monetary Authority of Singapore (MAS) granted Coinbase an in-principle approval under the Payment Services Act (PSA) to provide regulated digital token products and services in the island state in October 2022.

The recent disruption in the US banking industry has forced crypto companies and users to seek alternative banking solutions. Last week, prominent financial institutions, including Silvergate Capital, Silicon Valley Bank, and Signature Bank, were forced to shut down their operations, resulting in the loss of several on- and off-ramps for cryptocurrencies.

The partnership between Coinbase and Standard Chartered in Singapore is expected to provide stability to the crypto market by offering users more reliable banking solutions. Coinbase’s expansion plans include more partnerships with banks and financial institutions in different regions to support its growth and provide more banking options for its users.

As the crypto industry continues to evolve, partnerships like this one are crucial to establishing a more stable and regulated environment. The collaboration between Coinbase and Standard Chartered in Singapore is a step towards achieving that goal and supporting Singapore’s ambition to become a global hub for blockchain and crypto.

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