Coinbase expands into Asia with Singapore market launch

Coinbase now allows Singaporeans to buy and sell bitcoin with Singapore dollars, marking its official entry into the Asian market.

The announcement comes on the heels of Coinbase’s launch in Canada, where it will partner with bitcoin compliance firm Vogogo. Coinbase has raised more than $100 million in four funding rounds and now offers services in 28 countries around the world.

Coinbase’s statement hinted at its popularity in Singapore, noting:

“Regulators have taken a very proactive approach to the technology and are looking forward to services like remittances and cross-border payments, which bodes well for consumer adoption.”

In its blog, the company sought to further portray Singapore as a market where bitcoin has gained traction among users, including consumers, developers and traders.

There are signs that the industry is gaining a foothold in the country, with the Monetary Authority of Singapore recently announcing that it will actively invest in blockchain as part of a wider range of financial technologies.

According to CoinDesk’s Bitcoin Report, $3.4 million has been invested in Singapore-based startups to date, including notable firms CoinHako and Tembusu.