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Coinbase shares rose as it said it was granted a new payment license from Singapore that allows it to expand its Digital Payment Token service to institutions and individuals in the island nation.
The Monetary Authority of Singapore granted Coinbase a Major Payment Institution (MPI) license one year after the exchange received in-principle approval in October 2022, it said in a blog post published on Oct. 1.
“The approval for Coinbase in Singapore sent shares up 5% in pre-market trade,” said Susannah Streeter, head of money and markets at UK financial advisor Hargreaves Lansdown. “Investors see the granting of the full licence as a boost for the exchange in pursuing business with more traditional financial institutions.”
The gains were subsequently pared with the stock up 3.5% at $77.73 at 10am ET.
Major Payment Institution (MPI) licence from the Monetary Authority of Singapore: secured. Thank you MAS. https://t.co/VXkTmw7tVf
— paulgrewal.eth (@iampaulgrewal) October 2, 2023
Coinbase’s Quiet Expansion
“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” it said. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
Coinbase’s venture capital arm has been investing in Web3 startups in the country for three years In 2022, the exchange established a tech hub in the country, which has since hired multiple engineers and product managers who were working on Web3 solutions.
“With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry,” the announcement said.
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