Coinbase
Global Inc. has formed a strategic partnership with Standard Chartered in
Singapore to offer its clientele a seamless solution for transferring funds
between any financial institution and the cryptocurrency exchange .
This
collaboration comes at a crucial time when traditional banking services for
digital asset service providers are becoming increasingly scarce due to the
growing regulatory pressure and the recent collapse of crypto-friendly banks like
Silicon Valley Bank (SVB) and Singature Bank in the US.
Coinbase Finds New Banking
Partner in Singapore
According
to the Coinbase statement published on Wednesday, Coinbase customers may use
Singapore dollars for transfers via local banking institutions operating in the
Asian country without additional charges.
According
to Ankur Kanwar, Head of Cash Products for Singapore and ASEAN at Standard
Chartered, the collaboration between Coinbase and the bank will empower users
to conduct real-time transactions while enabling automatic reconciliation of
user accounts by the exchange.
In an
interview with Bloomberg, Hassan Ahmed, the Country Director for Coinbase
Singapore, mentioned that Standard Chartered will provide the facility to on-
and off-ramp their funds. Ahmed highlighted that the current scenario for
banking integration contrasts with the current uncertainty of the markets. However,
he further revealed that the…
