Coinbase has recently announced a partnership with Standard Chartered, which will allow users in Singapore to benefit from free wire transfers.
This move aims to provide Coinbase customers with more flexibility and convenience when depositing or cashing out funds from their exchange accounts.
The collaboration will allow all transfers made in Singapore dollars to be processed through the banking infrastructure of Standard Chartered, without any commission charges.
Prior to this, customers could only use Visa or Mastercard bank cards to fund their accounts and purchase crypto assets.
This development is significant, especially given the ongoing uncertainty and turbulence in the US cryptocurrency banking industry, which has led to many participants in the crypto industry seeking alternative solutions.
Coinbase’s new partnership with Standard Chartered will enable users to receive free banking services when transferring funds to and from their exchange accounts through any national bank in Singapore.
This announcement is a positive step towards making the crypto industry more accessible and user-friendly, and it highlights the importance of building strong partnerships between traditional financial institutions and emerging fintech companies.