Coinbase, Standard Chartered Team Up to Introduce Free Transactions in Singapore


 "Coinbase is really brave even though now many banks have collapsed."

Cryptocurrency exchange company Coinbase has signed an agreement with Standard Chartered to introduce free bank transfer transactions and digital identity application Singpass that will make it easier for customers in Singapore to join its platform.

Coinbase also developed a Help and Learning Center to educate various individuals about the crypto economy that helps users access more than 200 cryptocurrencies to trade.

Please be informed that the collaboration will enable customers in Singapore to transfer or withdraw funds from their respective accounts through banks in Singapore for free.

Previously, Singaporean customers only used Visa debit or credit cards to buy and transfer crypto from their Coinbase accounts.

As part of the development strategy, Hassan Ahmed, country director for Coinbase Singapore said that his discussions with Standard Chartered were done before the collapse of the three crypto-friendly banks in the United States (US).

While last year, Coinbase received approval in principle from the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA) to provide regulated payment services in the country.

In context, Singapore is a crypto and blockchain hub offering services to institutional and retail investors and introducing regulations to improve the market while protecting investors.

On the other side, most crypto company shares such as Coinbase are reported to have increased by 8% at $63.49 after the US Consumer Price Index (CPI) data saw the inflation rate drop to 6% and the US government plans to protect the people from the banking crisis.