A day earlier, Coinbase had announced that it had also gotten the same clearance.
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 have sought a crypto payments license since 2020, this puts the total number of cryptocurrency companies 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.
Due to the collapse of the cryptocurrencies Luna and TerraUSD, the crypto fund Three Arrows Capital, and a regular stream of cyber robberies this year, cryptocurrency players in Southeast Asia’s financial center have suffered a decline in the value of their assets.
