Coinbase shares more than double after receiving Singapore approval

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Coinbase shares more than double after receiving Singapore approval

The COIN stock market of Coinbase Global, Inc. is up more than double yesterday as the company has received a Monetary Authority of Singapore's certification of payment institution licensure.

The license will enable the expansion of Digital Payment Token services to individuals and institutions in the nation.

The achievement aligns with Coinbase's emphasis on tight control, innovation, and trust, which is a crucial element in a country where one-quarter of the population sees cryptocurrency as the future of finance.

With over 700 web3 companies, Singapore is a vital player in the global crypto and web3 economy.

Coinbase recognizes Singapore's potential, tailoring its offerings to meet the specific needs of the local market. To streamline the onboarding process, initiatives include incorporating PayNow and FAST bank transfers and incorporating SingPass.

The addition of no-fee USDC transactions with SGD enhances Coinbase's tailored approach.

To date, Coinbase's engagement in Singapore extends beyond product offerings to include contributions to the broader Web3 ecosystem.

The firm has established a tech hub in the city-state, joined industry groups, and made significant investments through Coinbase Ventures. collaborations with local developer communities and partners like Nansen.ai, Blockdaemon, and Infura underscore Coinbase's commitment to innovation and community engagement.

COIN shares rose by 2.24% to $76.77 yesterday, despite the stock's value at $76.77 yesterday.