Coinbase Global, a cryptocurrency exchange listed in the United States, has collaborated with Standard Chartered in Singapore to enable its users to transfer funds between any financial institution and the cryptocurrency exchange. This move comes at a time when banking alternatives for digital token service providers are decreasing. As per Coinbase’s statement on Wednesday, its users can transfer Singapore dollars to and from the platform through any local bank in the country without any charge. In an interview, Hassan Ahmed, Coinbase Singapore’s country director, stated that Standard Chartered would provide the link to enter and exit the platform.
The timing of the partnership is significant, considering the recent turmoil in the US financial sector, which has left many cryptocurrency firms, asset managers, and hedge funds struggling to find new banking partners. With the current market conditions, securing such partnerships is crucial for the continued growth and stability of the cryptocurrency industry.
Ahmed acknowledged that the current situation in the US financial sector had created a unique backdrop for banking integration, particularly for the cryptocurrency industry. However, he clarified that discussions with Standard Chartered had been ongoing prior to the recent collapse of three US banks in the past week.
