Coinbase recently conducted a commissioned study, revealing that 25% of the residents of Singapore feel that cryptocurrency is the future of finance. The number is at par with the UK and higher than the UK, where only 17% share the sentiments. The study has also revealed that what keeps people from entering the crypto sphere is the fear of security and price volatility.
Coinbase, to deal with these issues and onboard more users to the network, has announced launching USDC trade in Singapore. The stablecoin is pegged to the US dollar, thereby mitigating the risk of price volatility. The security aspect is handled by the network and members who stake their tokens in the wallet.
The aim of bringing USDC to the Singaporean table is to provide stability and predictability to the holders. Therefore, Coinbase has simultaneously launched more features, as mentioned below:
- No-fee purchase of USDC using SGD
- Rewards to users for holding USDC on the network
- Availability of USDC order books, allowing users to trade over 200 assets by leveraging their USDC holding
The staking facility on Coinbase in Singapore further extends to SOL, ETH, ATOM, ADA, and XTZ. Rewards then merely act as a source of passive income.
Coinbase, in the announcement, has expressed its confidence in USDC becoming a key component of the new financial structure not just in Singapore but across the world. USDC is a reliable option, making it an attractive collateral asset for every DeFi, decentralized finance protocol. Coinbase already features in the list of approved crypto exchanges in Singapore. Offering USDC will only solidify its position in the region. This extends to non-owners of cryptocurrencies.
Circling back to the commissioned survey by Coinbase, it has been revealed that people who have experience in trading cryptocurrency tend to engage with the platform with a much higher value. Traders who are above 30 years of age engage less frequently but trade with a higher amount. This is in sharp contrast to those who are aged below 30 years.
32% of the participants said that they either have crypto in their wallet or used to have the digital token with them. More than 50% of the participants are now planning to hold or trade cryptocurrency this year. It is natural for traders who are new to Coinbase to wonder, “Is Coinbase legit?” This question holds significance as they embark on their registration journey. However, it has to be noted that Coinbase operates only under regulations in all its regions.
Strengthening this claim is Coinbase’s constant investment in efforts to work with the Monetary Authority of Singapore to improve the regulatory framework and strike a balance between innovation, consumer protection, and retail access.
Coinbase, in the announcement, has highlighted that it remains committed to building products that can be trusted and used by everyone in the community.