Coinbase Global, a US-listed cryptocurrency exchange, is collaborating with Standard Chartered in Singapore. It will give its customers the option to transfer money between any lender and the cryptocurrency exchange. At a time when the number of banking choices for providers of digital token services is dwindling.
According to the agreement, users of Coinbase can send and receive Singapore dollars for nothing using any domestic bank in the nation. The cryptocurrency exchange said in a statement on Wednesday. Hassan Ahmed, the country head for Singapore at Coinbase, stated in an interview that Standard Chartered will provide that connection to on- and off-ramp their money.
The timeliness of securing a new banking partner is significant. As given the difficulty that many crypto companies, asset managers, and hedge funds are having in finding replacements in the US. Which following the turmoil in the country’s financial sector over the past week.
Mr. Ahmed stated, “For banking integration in particular, I’d say the backdrop is certainly a little interesting and in contrast.
Before the recent failure of three US institutions, discussions with Standard Chartered were ongoing, he claimed.
The failures of Silicon Valley Bank and Signature Bank followed Silvergate Capital’s announcement last week. That it would wind down, providing the background against which US officials decided. To implement a new backstop to protect deposits.
Silvergate and Signature operated real-time, 24/7 payment networks for the cryptocurrency industry. Facilitating the flow of money into and out of the sector. Their loss is especially severe for digital assets.
According to Mr. Ankur Kanwar, director of cash products at Standard Chartered for Singapore and Asean, the collaboration between Coinbase and Standard Chartered will enable users to send and receive payments in real-time. And also enable the exchange to automatically reconcile user accounts.
The Monetary Authority of Singapore granted the US cryptocurrency exchange in-principle permission in 2022; it is currently working on the final licensing requirements in the city-state, according to Mr. Ahmed.
