Coinbase, one of the leading cryptocurrency exchanges globally, announced an exciting collaboration with Standard Chartered Bank in Singapore to enable customers to transfer money freely and securely. This strategic partnership will significantly reduce the cost of transferring money for Singaporean Coinbase customers.
This collaboration will not only enable Coinbase users to perform transactions quickly and efficiently but also allow the exchange to automate the reconciliation process of user accounts, as per Ankur Kanwar, head of cash products for Singapore and ASEAN at Standard Chartered.
Coinbase users in Singapore can now transfer Singapore dollars to and from the platform via any local bank in the country without incurring any fees, according to a statement issued by Coinbase on Wednesday.
Hassan Ahmed talk to Standard Chartered
Hassan Ahmed, the company’s Country Director for Coinbase Singapore, explained that Standard Chartered is offering users an easy way to on- and off-ramp their money. By using this new arrangement, Coinbase users in Singapore are now able to make use of a convenient and cost-effective means of transferring funds.
It will also provide a safe and secure method for them to convert their fiat currency into crypto assets. The initiative leverages StanChart’s extensive presence in the region, offering its clients access to Coinbase’s wide range of crypto assets and services. With this partnership, Coinbase customers in Singapore will be able to make free transfers between their bank accounts and Coinbase wallets.
They’ll also be able to quickly purchase cryptocurrencies such as Bitcoin, Ethereum, and Litecoin with just a few simple clicks. Furthermore, this collaboration will also enable banks to use Coinbase’s platform for their own digital asset activities, including payments and trading. This is a great opportunity for Singaporean customers looking to enter the world of digital currencies and capitalize on its numerous benefits.
This new feature will help Coinbase customers easily track their payments and transactions in a secure way. Furthermore, with the help of this new automated system, Coinbase is now able to provide its users with a more streamlined and secure experience when it comes to making payments on the platform.
