The U.S. crypto exchange Coinbase has secured a comprehensive license in Singapore, allowing it to expand its digital asset payment services in the region. This major payment institution license comes roughly a year after the Monetary Authority of Singapore (MAS) gave Coinbase an initial approval. This places Coinbase among the select group of companies authorized to offer digital payment token services in Singapore.
The company announced on Monday that this license would enable it to provide advanced services to both individual and institutional clients. At present, Coinbase offers trading and staking services, where users can lock their digital tokens for a specified duration to authenticate blockchain transactions, subsequently earning additional tokens as rewards.
Hassan Ahmed, Coinbase Singapore’s Country Director, mentioned in a previous interaction with The Straits Times that the Singapore unit comprises nearly 100 professionals, including product managers, engineers, and personnel in business development, compliance, and legal sectors.
In 2023, responding to local needs, Coinbase introduced user-friendly funding methods, such as PayNow and the Fast And Secure Transfers service, coupled with the Singpass registration system. The company’s tech hub for the Asia-Pacific region is based in Singapore, and through Coinbase Ventures, its investment division, it has funded over 15 Singapore-based Web3 startups.
Coinbase‘s financial report from August disclosed that its Q2 losses had reduced, with revenues surpassing expectations. The Q2 net loss, marking the sixth consecutive quarterly loss, decreased to US$97 million from a staggering US$1.1 billion the previous year. Despite a 12% drop in Q2 revenue, which amounted to US$707.9 million, it exceeded the projected US$631.2 million. Notably, Coinbase‘s stock value has more than doubled in 2023.
In related news, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in June, alleging the company operated without first registering with the regulatory body. This lawsuit followed a similar action against Binance, the world’s premier cryptocurrency exchange. Coinbase is currently seeking the lawsuit’s dismissal.
