Coinbase establishes Singapore office

Posted September 6th, 2015

by

Shiwen Yap (@ShiwenYap [email protected])

filed under

Technology

US-based Coinbase, a global Bitcoin major, and one of the largest US-based bitcoin ventures, has launched retail buy-and-sell operations in Singapore and Canada as part of its business expansion and strategic objective of growing the usage of the digital currency globally.

Unlike conventional fiat currencies, Bitcoin is digital commodity money traded on a peer-to-peer (P2P) network independent of centralised control. Bitcoin is not backed by a government or central bank, with its value floating freely and subject to much fluctuation according to market sentiment.

In this particular industry, Coinbase is considered the market leader, alongside its other major firms like BitPay and Coinsetter. Singapore-based firms that will face increased competition are ItBitCoin Republic, BitX and Find Your Bitcoin (FYB) Singapore, which also maintains a Swedish branch. To date, Coinbase has raised US$106.7 million across three funding rounds.

Singapore is San-Francisco-based Coinbase’s first foray into Asia, according to Brian Armstrong, the company’s CEO and co-founder. In an official release, the company commented: “Our mission at Coinbase is to make payments more open and efficient around the world. Expanding to Singapore is an important step towards that goal and will make it easier to access bitcoin in one of the financial capitals of the world.”

In Singapore, the money transfer service will permit consumers to trade bitcoin with Singapore dollars. Currently, the city-state does not regulate the cryptocurrency, with Armstrong of the view that due to this there are no requirements for any permission from the authorities.

Also Read: Blockchain technology to be largest financial industry disruptor: BBVA

Fintech a growth market, blockchain a game-changer: Steven Tong

At present, Coinbase operates in 28 countries. Germany recognises bitcoin as a “unit of account”

Originally appeared at: http://www.dealstreetasia.com/stories/coinbase-establishes-singapore-office-11611/