Posted September 6th, 2015
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 ItBit, Coin 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