Cryptocurrency Exchange Coinbase Found An Alternative Solution To The Bank Crisis In The USA!

Crypto exchange Coinbase with the company lending to its users at a time when banking options for digital token service providers are dwindling cryptocurrency to offer the option to move money between exchanges Standard Chartered in Singapore partnered with.

Cryptocurrency Exchange Coinbase Links With Singapore StanChart For Free Transfers

Many crypto exchanges are scrambling for new banking partnerships. Coinbase said today that under the agreement, Coinbase users will be able to transfer Singapore dollars to the platform for free through any local bank in the country.

Hassan Ahmed, Coinbase Singapore country director, said in an interview that Standard Chartered will offer this link for transferring funds.

After the financial turmoil last week, the timing of finding a new banking partner was remarkable as many crypto firms, asset managers and hedge funds in the US struggled to replace such links.

“I would definitely say that the background is somewhat interesting and contrasting, especially for banking integration,” Ahmed said. He said talks were ongoing with Standard Chartered before the collapse of three U.S. banks last week.

Silvergate Capital Corp. announced it was closing last week, followed by the failures of Silicon Valley Bank and then Signature Bank, setting the stage to encourage US officials to offer new support to protect deposits.

The loss of Silvergate and Signature has been particularly heavy for digital assets as they operate real-time, seven-day-a-week payment networks for the crypto industry and facilitate the flow of money into the industry.

Ankur Kanwar, head of cash products for Standard Chartered Singapore and ASEAN, said that Coinbase’s partnership with Standard Chartered will allow users to make and receive real-time payments, as well as allow the exchange to automatically reconcile user accounts.

*Not investment advice.