Coinbase Reaches to Singapore, Aims to Expand Further in Asian Courtiers

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Coinbase Reaches to Singapore

After setting foot in Canada, Coinbase, a Bitcoin wallet and exchange company headquartered in San Francisco California, has reached to Asia now as it has opened its operations in Singapore. Founded by Brian Armstrong and Fred Ehrsam, the exchange operates between Bitcoin and fiat currencies in twenty-six countries.

The company claims that it is offering Bitcoin transactions and storage in a number of countries worldwide. The US-headquartered Coinbase, one of the world’s largest Bitcoin companies, in a press release announced that it has launched retail buy-and-sell operations in Singapore as part of its push to expand usage of the digital currency globally.

Singapore is the First Foray into Asia

The Bitcoin exchange claims that Singapore is its first foray into Asia. Talking about the new operation, Brian Armstrong, the company’s chief executive officer and co-founder said that the money transfer service in Singapore will allow consumers to buy and sell Bitcoin with Singapore dollars.

He is also of the view that the service is not considered regulated activity in Singapore thus there are no requirements for any permission from the authorities. Nonetheless, unlike conventional currencies, Bitcoin is bought and sold on a peer-to-peer network independent of central control and Coinbase is an undisputed number one in this segment.

David Farmer, international expansion lead at Coinbase also has similar views when he says that Singapore represents an important market for the company and to date, more than 15,000 people in Singapore have signed up for a Coinbase Wallet. He said that by extending the buy-and-sell service to the country, the company is helping country get further foothold in Bitcoin.

Wants to Have Operations in 40 Countries by the End of 2015

Nonetheless, Coinbase which has also launched a retail buy-and-sell service for consumers as well as an exchange for professional traders in Canada earlier this week is proactive and aggressive towards its approach to expanding to new regions. Even Armstrong admits that a year ago, they made a decision to offer Bitcoin services to as many countries in the world.

He also said that the goal is to be in 40 countries by the end of 2015 is almost finished as at present, it has more than 3.9 million consumer wallets, 40,000 merchants using its payment mechanism and 7,000 software developers using its platform to create new products.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com