Coinbase is now offering consumers in Singapore the ability to buy and sell bitcoin using Singapore dollars, a move that marks its formal introduction to the Asian market.
The announcement follows on the heels of the news Coinbase would launch services in Canada following a partnership with bitcoin compliance firm Vogogo. Coinbase, which has raised more than $100m in four venture rounds, is now open to consumers in 28 countries globally.
Coinbase suggested the announcement is reflective of what it called a welcoming environment for bitcoin in Singapore as well as the region’s strong interest in the technology.
In statements, the company sought to further describe Singapore as a market where bitcoin had “already gained traction” among users including consumers, developers and traders.
David Farmer, international expansion lead at Coinbase, said:
“Singapore represents an important market for us. To date, more than 15,000 people in Singapore have signed up for a Coinbase wallet, and by extending our buy and sell service to the country, we’re helping to make their on-ramp to the bitcoin world as simple and as safe as possible moving forward.”
The news comes amid increasing signs that the industry is taking hold in the city-state, with the Monetary Authority of Singapore recently announcing it would invest in a blockchain initiative as part of a wider investment in financial technology.
The company did not comment as to whether its Singapore operations could allow it to expand to other Asian markets or how it would augment the service to appeal to a new demographic of users.
However, Coinbase is not without local competition in the market, as Singapore ranks 11th among global nations when it comes to investment in industry startups.
According to CoinDesk’s Q2 State of Bitcoin report, $3.4m has so far been invested in startups in Singapore, with notable companies including CoinHako and Tembusu.
Singapore map via Shutterstock