Blockchain.com, a cryptocurrency exchange supported by investors including Lightspeed Venture Partners, announced on Wednesday that Singapore's central bank has given its application to provide payment services in the city-state permission.
A day earlier, the cryptocurrency juggernaut Coinbase had announced that it had also acquired the same clearance. Out of the roughly 180 businesses that had submitted an application for a crypto payments licence as of January of this year, this raises the total number of cryptocurrency businesses permitted to operate in Singapore to 18.
According to a statement released by Blockchain.com, which was valued at $14 billion in March, Singapore is a desirable place for the company to expand its institutional clientele and staff. According to the company, its retail division has 84 million wallet holders from 200 different countries and receives half of its revenue from institutions.
Singapore has become a key center in Asia thanks to the financial hub's success in luring enterprises involved in digital asset services from China, India, and other countries in recent years.
The failure of the cryptocurrency fund Three Arrows Capital, the cryptocurrencies Luna and TerraUSD, as well as a regular stream of online robberies this year, however, has caused the value of investors' holdings to decline.
By fLEXI tEAM