Coinbase announces integration with banking payment service Standard Chartered

Partnership with Standard Chartered will enable U.S. exchange Coinbase to offer free bank transfers to users in Singapore.

According to an official Coinbase blog post, the partnership between the two financial companies will provide exchange clients with from Singapore, free banking services when transferring funds to and from current 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. Previously, users could buy crypto assets and replenish exchange accounts only using Visa or Mastercard bank cards.

“As Singapore aims to become a global center for cryptocurrencies and blockchain, we are committed to supporting these ambitions and bringing the best products to the Singaporean market. This means you can now easily deposit or withdraw your money to Coinbase using free wire transfers. This provides even more flexibility for investment and asset management,” Coinbase said in a post.

The announcement of a new banking partnership between cryptocurrency exchange Coinbase and international financial services firm Standard Chartered comes amid fear and chaos surrounding the collapse of top U.S. cryptocurrency banks, which have been used by many in the crypto industry.

According to Bits.Media experts, the local banking crisis in the US that swept the crypto industry in late February and early March caused turbulence, as a result of which most crypto assets showed negative price dynamics.