Hassan Ahmed News

Tokenize Xchange, a crypto exchange founded in 2017, has successfully raised $11.5 million in a latest funding round for expansion in Singapore.

Crypto exchange Coinbase has secured a full major payment institution (MPI) license under Singapore's Payment Services Act.

Singapore move funds to and from accounts via local banks, smoothing one path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking. Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered, and carry no fee, the company said in a statement. Previously, users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account. Hassan Ahmed, Coinbase's country director for Singapore, told Reuters in an interview the move was part of the company's international expansion strategy. Rivals Crypto.com and Gemini already offer a similar service. Coinbase, which last year received in-principle approval from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state, is looking to ramp up its Singapore retail offerings, said Ahmed.

Coinbase has entered the Singaporean market as it has gained approval from the central bank to offer its crypto services in the city-state.

Crypto giant Coinbase gets Singapore licence