Crypto exchange Coinbase has unveiled a new initiative in Singapore to foster the local developer ecosystem.
Coinbase is doubling down on Singapore with a new engineering hub aimed at supporting local developers and expanding its presence in the Asia-Pacific region.
In a blog announcement on Nov. 6, the U.S.-based crypto trading platform said the new hub will be focused on advancing blockchain through training and infrastructure. The initiative is set up in collaboration with the Singapore Economic Development Board.
“With the Engineering Hub, we hope to empower local engineers to build the onchain economy and to make crypto more accessible and useful for everyday financial needs in the region.”
Coinbase
You might also like: Paxos unveils USDG stablecoin compliant to Singapore’s upcoming regulatory framework
Philbert Gomez, executive director & head, digital industry Singapore, says Coinbase’s latest move “expands the breadth of opportunities for talent to pursue world-class product engineering” in Singapore as the exchange signals its intention to evolve the local crypto landscape.
Coinbase, which employs over 600 staff in the APAC region, including 70 in Singapore, indicated that the new hub could lead to further team expansion in the country. However, it has not provided specific targets for that growth.
The exchange’s expansion comes as other U.S.-based exchanges also seek to establish a stronger presence in the region. In late October, Gemini secured in-principle approval for a major payment institution license from Singapore’s Monetary Authority, advancing its own APAC expansion strategy.
Read more: Singapore introduces frameworks to commercialize tokenization in financial markets
