Crypto exchange Coinbase opens new office in Singapore, will expand hiring

BUSINESS TIMES SG ·

(From left) Coinbase country director for Singapore Hassan Ahmed, chief fintech officer at MAS Kenneth Gay, Coinbase managing director for Asia-Pacific John O’Loghlen, VP of Digital Industry Singapore at Economic Development Board Seah Yueh Chinn, and Coinbase senior director of engineering David Ko at the opening of Coinbase’s Singapore office. PHOTO: COINBASE [SINGAPORE] Coinbase, the largest cryptocurrency exchange in the United States, has opened a new office here and plans to expand its local headcount. Located at One Raffles Quay, the 10,000 sq ft office replaces the firm’s previous premises at a WeWork space in Collyer Quay. Coinbase declined to reveal the cost of the new space. “The opening of our new office reflects our confidence in Singapore’s future as a global financial and digital asset hub and the access it provides to Asian markets,” Coinbase Singapore’s country director Hassan Ahmed told The Straits Times on Wednesday (July 22). “It also allows us to deepen engagement with regulators, policymakers, and ecosystem partners as digital assets become an increasingly important part of the financial system.” He also noted that Singapore has established itself as one of the world’s leading digital asset hubs through clear regulation, a strong innovation ecosystem and “deep pools” of financial and technology talent. He said the Nasdaq-listed company’s focus is on building “high-impact teams” that support both its Singapore operations and its broader international business. Get insights into businesses across South-east Asia Coinbase expects to grow its headcount here to about 200 by the end of 2026, from around 150 currently, across customer service, engineering, compliance and sales roles. “This continued investment reflects our long-term confidence in Singapore as a strategic hub for innovation, talent and responsible growth across the Asia Pacific region,” Ahmed said. Coinbase has around 4,000 employees worldwide. In May, the firm announced plans to cut about 14 per cent of its global workforce, citing the need to manage costs amid volatile market conditions and advances in artificial intelligence (AI). The company said it would concentrate remaining staff around AI skills while reducing layers of management. “Those decisions are separate from our long-term investment strategy,” Ahmed said. Coinbase is pressing ahead with its Singapore expansion despite the layoffs as it regularly evaluates its organisational structure to focus on areas where it can have the greatest impact, he added. “Singapore continues to be one of Coinbase’s most important international markets, and opening our new office reflects our continued commitment to serving customers here, investing in local talent, and supporting the growth of the digital asset ecosystem.” Coinbase’s offerings in the Republic include retail trading and staking services. Staking is the process in which users’ digital tokens are locked up for a certain period to validate transactions on the blockchain, earning them more tokens as a reward. The Singapore dollar-backed stablecoin, XSGD, is also listed on Coinbase. XSGD is pegged one-to-one against the Singapore dollar, and is fully backed by reserve assets held at DBS Bank and Standard Chartered Bank. Coinbase applied for a licence from the Monetary Authority of Singapore (MAS) before July 2020 and was granted in-principle approval in October 2022, allowing the exchange to offer regulated digital payment token products and services. It received its full major payment institution licence under the Payment Services Act in October 2023. THE STRAITS TIMES Share with us your feedback on BT's products and services Lermit Road bungalow owned by family of Dennis Lee’s son on the market at S$98.8 million Ng Khee Siong, managing director of Borneo Motors parent Inchcape Singapore, resigns What makes a good job? Feeling that you matter CAAS investing S$4 billion to upgrade air navigation services ahead of T5 opening

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US largest cryptocurrency exchange Coinbase has officially opened a new office in Singapore and embarked on a large-scale hiring expansion. This expansion will be a critical turning point in accelerating regulatory compliance and local business growth in the Asia-Pacific region. Investors should focus on global trading volume growth centered in Singapore and the growth of regulatory-friendly markets.

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