Coinbase (COIN:NSD) has announced that clients in Singapore can now transfer funds to and from their Coinbase accounts using any local bank for free. Standard Chartered (SBNY:NSD) will handle the Singapore dollar-denominated movement of funds. This new service allows Singaporean clients greater control over their assets and the option to deposit or withdraw funds via bank transfer.
Before, Singaporean consumers could only acquire cryptocurrency with a Visa or Mastercard debit or credit card or move cryptocurrency into or out of their Coinbase account. Coinbase is introducing new solutions across several markets as part of its international expansion plans over the next eight weeks, in an effort to attract more customers to its platform.
Coinbase has also recently upgraded its help center to provide assistance to customers with various tools, including live chat. With the FTX scandal, investors have become increasingly skeptical of the cryptocurrency sector due to the bankruptcy of several significant businesses.
With regards to the latest crypto calamity involving Silvergate Capital (SI:NYE), Coinbase has stated that it has “no material exposure.” Yet, Coinbase holds around $240 million in deposits with the recently defunct Signature Bank. Coinbase has promised investors it anticipates recovering their funds.
Coinbase Stock Analysis:
Despite the recent surge in Coinbase stock price, Wall Street analysts are largely cautious about the company’s prospects, with a Buy consensus rating. The average price target of $63.34 for Coinbase stock suggests a potential loss of approximately 5%.
Company Profile:
Coinbase Global, Inc. provides financial infrastructure and technology for the crypto-economy in the United States and internationally.
It offers the primary financial account in the crypto-economy for consumers; a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
The company was founded in 2012 and is based in Wilmington, Delaware.
