Coinbase Business Expands Internationally with Singapore Launch
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Coinbase Ventures Beyond US Borders
Coinbase, a prominent cryptocurrency exchange, has taken a significant step by launching its “Coinbase Business” platform in Singapore. This marks the first time the service has been made available outside the United States. Targeted at startups and small businesses, Coinbase Business is promoted as a comprehensive financial platform designed to streamline digital asset transactions.
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Revolutionizing Finance with Speed and Efficiency
In a rapidly evolving digital landscape, traditional financial systems often fall short due to their slow and costly nature. Coinbase aims to address these challenges by offering a solution that allows businesses to seamlessly trade digital assets directly from their operational accounts. Furthermore, the service enables low-cost global payouts in USDC, among other features.
Prior to this expansion, Coinbase Business was exclusively available in the United States, where the company is headquartered. This international launch signifies a strategic move towards entering new markets and catering to a broader audience.
Singapore: A Hub of Digital Innovation
Singapore has long been recognized as a leader in digital innovation and a key financial gateway to Asia. With this expansion, the vibrant ecosystem of startups and small-to-medium businesses (SMBs) in the region can now access a crypto-native operating account that eliminates the inefficiencies associated with traditional finance.
Coinbase Business’s foray into Singapore is facilitated by Standard Chartered, a renowned British bank with a strong presence in the region. Since 2023, Standard Chartered has been enabling Singapore dollar transfers for Coinbase’s retail users, and now, business customers can benefit from the same service.
Currently, Coinbase Business Singapore is in an early access phase, available only to select businesses. The timeline for a broader rollout to all customers remains undisclosed.
Standard Chartered’s Strategic Moves
Coincidentally, Standard Chartered has embarked on a separate initiative in Singapore. The bank has partnered with DCS Card Center to offer stablecoin settlements for users of the DeCard credit card in Southeast Asia. This collaboration is expected to expand to other regions in the future.
Bitcoin Market Dynamics: A Recent Rebound
In recent days, Bitcoin has experienced a tumultuous journey. The cryptocurrency managed to climb above $107,000 on Monday but faced a setback on Tuesday, with its price dipping to approximately $102,500. By Wednesday, however, Bitcoin had regained momentum, reaching $105,000 once again.
Despite Bitcoin’s recovery, data from CoinGlass reveals that the majority of liquidations in the cryptocurrency derivatives market have leaned towards the long side over the past 24 hours.
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