According to an official post on the Coinbase blog, the partnership between the two financial companies will allow the exchange’s customers in Singapore to receive free banking services when transferring funds to and from exchange accounts through any national bank in the city-state.
All transfers in Singapore dollars will be serviced by the banking structure of Standard Chartered and will not be subject to commission, the company said in a statement. Previously, users could buy crypto assets and replenish exchange accounts only using Visa or Mastercard bank cards.
“As Singapore aims to become a global crypto and blockchain hub, we are committed to supporting these ambitions and bringing the best products to the Singaporean market. This means that you can now easily deposit or cash out your funds in Coinbase using free wire transfers. This gives even more flexibility for investment and asset control,” Coinbase said.
The announcement of a new banking partnership between the cryptocurrency exchange Coinbase and the international financial corporation Standard Chartered came amid fears and chaos surrounding the collapse of the leading US cryptocurrency banks, which were used by many participants in the crypto industry.
According to Bits.Media experts, the local banking crisis in the United States, which overtook the crypto industry in late February and early March, caused turbulence, as a result of which most crypto assets showed a negative price trend.
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