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Coinbase partnered with traditional banking giant Standard Chartered to let Singapore users move funds to and from their accounts through any local bank for free, the company said in the announcement. The free transfers come less than a year after Coinbase obtained a license to provide services in the crypto-friendly city-state.
Coinbase Teams Up With Standard Chartered to Provide Free Bank Transfers in Singapore
Coinbase will enable retail customers in Singapore to transfer funds to and from their accounts through any local bank at no cost, the crypto exchange announced on Wednesday. The move, amid a tumultuous period for traditional and crypto banking sectors, marks another effort by Coinbase to facilitate investing in digital assets.
The free transfers, in Singapore dollars (SGD), come from Coinbase’s strategic partnership with the traditional banking giant Standard Chartered. Until now, Singapore-based users could buy cryptocurrencies only through a Visa or Mastercard debit or credit card or transfer crypto in and out of their Coinbase accounts.
“Effective immediately, customers in Singapore can easily transfer funds to and from their Coinbase account using any local bank in Singapore for free. This means you can easily cash in or cash out of your Coinbase account using bank transfers, giving you more flexibility and control over your assets.”
– Coinbase said in the blog post.
In addition, Coinbase has also announced the addition of a 2-click user sign-up system through the integration of Singpass – a digital identity solution used by more than 4.2 million local customers.
US Crypto Companies Struggle to Maintain Fiat On-Ramps Amid Recent Collapses
As Coinbase ramps up its Singapore retail offerings, the crypto industry in the US has lost numerous on- and off-ramps amid recent havoc in the US crypto and traditional banking sectors. Last week, major crypto-friendly banks Silvergate Capital and Signature Bank were shut down, resulting in crypto companies and users struggling to move their assets.
With the collapses, some traditional banks are closing down their crypto operations, and crypto exchanges are watching their fiat pipelines dry up, placing their US deposit features at risk. This is because these banks let crypto traders and institutions “deposit, transfer and convert fiat currency into digital assets,” said Mina Tadrus, CEO of quant investment management firm Tadrus Capital.
Meanwhile, concerns over traditional banking and expected February inflation data boosted Bitcoin and other crypto prices on Tuesday. Bitcoin breached the $26,000 mark during the day, though it lost most of its gains yesterday and currently trades at $24,736.
What are some possible implications for crypto if fiat on-ramps continue to dry up in the US? Let us know in the comments below.