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Reported Bloomberg, Coinbase announced a new partnership with Standard Chartered in Singapore. The agreement will allow Coinbase users to transfer Singapore dollars to and from the platform via any local bank in the country for free.
This collaboration comes at a crucial time for cryptocurrency firms, with many scrambling to establish new banking partnerships as banking options for digital token service providers dwindle. In the US, the recent turmoil in the financial sector has caused the collapse of three banks in the past week, including Silvergate Capital Corp, Silicon Valley Bank, and Signature Bank. The loss of Silvergate and Signature is particularly severe for digital assets as they facilitated the flow of money to and from the sector through real-time, seven-days-a-week payment networks.
Coinbase's partnership with Standard Chartered will provide users with an option to move funds between any lender and the cryptocurrency exchange. The tie-up will allow users to make and receive real-time payments, as well as enabling the exchange to automatically reconcile user accounts.
The collaboration between Coinbase and Standard Chartered will also provide the exchange with an opportunity to secure a final license in Singapore. Coinbase received in-principle approval from the Monetary Authority of Singapore last year and is currently working on meeting additional conditions required to obtain a final license in the city-state.
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