Coinbase was recently in the news for launching its operations in Canada. Now, the company is again in news for launching its retail bitcoin buying and selling services in Singapore. Coinbase has been on an expansion spree since last year and they intend to be in over 40 countries by the end on 2015.
According to Brian Armstrong the CEO and co-founder of Coinbase, Singapore marks the company’s entry into Asian market. From today Singaporeans can buy and sell bitcoin in their own currency – Singaporean dollars. The company seems to have had a smooth entry into the Singaporean bitcoin market as bitcoin trading is not considered as a regulated activity according to the current Singaporean laws.
While speaking to Reuters, one of the leading news agencies Brian Armstrong stated that the company made a decision to offer bitcoin services to as many countries in the world. Now, after a year later the company has its presence in 28 countries. The company expects to extend their reach to anywhere between 30 to 40 companies before 2016.
Coinbase is currently one of the leading bitcoin wallet and exchange services provider in the world. The company has raised close to a million dollars in investment until now and it also has a huge customer base of about 4 million wallet users and 40,000 merchants. The Coinbase API is also widely adopted by the developer community.
Launched in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase also has 2 acquisitions under its belt. The latest funding round in January 2015 included some big names like New York Stock Exchange, Andreessen Horowitz, Draper Fisher Jurvetson and Blockchain Capital among others.
Now that Coinbase has managed to gain its foothold in the Asian bitcoin market, by launching in one of the most relaxed bitcoin environments. We can expect to hear about Coinbase’s further expansion in Asian continent soon.