Coinbase partners with Singapore’s EDB to boost blockchain talent and Web3 development.
Introduction: Coinbase’s Bold Move to Singapore
On November 6, Coinbase, the largest cryptocurrency exchange in the U.S., launched a new engineering hub in Singapore. This move is aimed at strengthening the local blockchain ecosystem and training engineers in Web3 technologies. By collaborating with Singapore’s Economic Development Board (EDB), Coinbase intends to advance blockchain development and make cryptocurrency more accessible to users in the region.
Strategic Partnership with the Economic Development Board
Coinbase’s partnership with the EDB marks a significant step toward fostering local talent in the crypto industry. The exchange plans to offer resources and training to help Singapore-based engineers develop their blockchain skills. Coinbase aims to create a platform that not only promotes blockchain but also ensures its practical use in financial applications.
Coinbase’s Vision for Economic Freedom
According to Coinbase, the new hub brings the company closer to its global mission of onboarding one billion people into the crypto economy. “This brings us one step closer to our goal of increasing economic freedom by onboarding one billion people into the crypto economy,” said Coinbase in a statement. The initiative also aligns with Singapore’s Smart Nation 2.0 strategy, which focuses on upskilling the digital workforce.
Focus on Engineering Talent Development
Mr. Hassan Ahmed, Coinbase’s country director for Singapore, emphasized the hub’s role in nurturing young talent. The program is designed for undergraduate engineering students and newly hired engineers, many of whom may lack experience in the crypto sector but share a passion for the industry. He added, “We envision this hub as a launch pad for aspiring Web3 talent in the region, setting them on a path toward fulfilling, impactful careers.”
The Role of Coinbase’s Singapore Expansion
Coinbase’s full major payment institution license, granted in 2023 under the Payment Services Act, has greatly accelerated its expansion in Singapore. This license, approved by the Monetary Authority of Singapore (MAS), allows Coinbase to develop its local operations with a strong foundation. With this expansion, the company is keen to integrate blockchain technology into payments and fintech, as well as explore innovations like AI-driven crypto trading.
Boosting Web3 with a Tech Hub and Start-Up Investments
Coinbase has already made significant investments in Singapore’s Web3 sector. Through its investment arm, Coinbase Ventures, the company has funded more than 18 local Web3 start-ups. As part of its continued growth, Coinbase is also expanding its Asia-Pacific technology hub, which plays a key role in supporting the local Web3 ecosystem.
Growing Team and Regional Impact
Coinbase currently employs around 70 people in Singapore, including engineers, product managers, and staff in legal, compliance, and institutional sales. The opening of the new engineering hub will lead to further expansion, although specific hiring numbers were not disclosed. Coinbase’s success in Singapore is a key part of its broader strategy to become a dominant player in Asia’s crypto market.
Financial Success Drives Expansion
Coinbase’s impressive financial performance in 2024 has fueled its expansion efforts. The company reported a net income of $75.5 million for Q3 2024, reversing a loss from the same period in 2023. This positive financial result, combined with a 20% increase in its stock price since the beginning of the year, positions Coinbase for further growth in the coming years.
Coinbase’s Growing Footprint in Asia
Coinbase’s engineering hub in Singapore is an exciting development for the crypto industry. As the company strengthens its presence in the region, it aims to play a pivotal role in shaping the future of blockchain and Web3 technologies. The initiative not only boosts local talent but also drives innovation in the global cryptocurrency ecosystem.
Disclaimer:
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