• Coinbase conducts survey in Singapore
• Singapore’s population open to cryptocurrencies
• Coinbase expands crypto offering
On the company’s blog, crypto exchange Coinbase recently shared the results of a new study the company commissioned to find out more about Singaporeans’ attitudes towards cryptocurrencies and their role in finance. The global market research company YouGov, which surveyed 2,000 people in Singapore as a representation of the smartphone population, was commissioned with the survey. The sampling frame was based on information from the Singapore Statistical Office for the year 2021.
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Singapore population ready for cryptocurrencies
The results of the survey showed that a quarter of the people surveyed see cryptocurrencies as the future of finance. This puts Singapore’s population on a par with the US and slightly above the UK (17 percent).
The study also showed that those people in particular who have had previous experience with cryptocurrencies and who have a higher income trade more and with higher volumes. Respondents older than 30 would trade with higher volumes, while those under 30 would trade more frequently. The survey also revealed that 32 percent of Singapore residents either own or have owned crypto, while more than half of those who own crypto are still trading or holding crypto this year. For those new to cybercurrency, price volatility and security concerns present a barrier to entry.
Coinbase expands crypto offering in Singapore
In response to the survey results, Coinbase also announced that it would expand its crypto offering for Singapore. So there are some updates regarding the USDC stablecoin. In the future, USDC purchases can be made here with the Singapore dollar free of charge. In addition, customers are now able to earn rewards for holding USDC with Coinbase. Also, the crypto exchange announced that it would make USDC order books available for advanced trading, allowing users to trade more than 200 assets against the stablecoin. In addition, the cryptocurrencies Ethereum, Solana, Cardano, Cosmos and Tezos will be available for staking from now on.
USDC stablecoin in focus
Coinbase is focusing on the U.S. dollar-pegged stablecoin USDC for its new services in Singapore because the crypto exchange believes that “USDC will be a key component of a new financial paradigm,” according to the blog post. “His reliability makes it [USDC, Anmerk. d. Red.] It has become an attractive security for DeFi protocols and has already seen significant adoption for cross-exchange pegged trading with other digital currencies. In fact, the three largest stablecoins, including USDC, account for almost 90 percent of the centralized exchange trading volume.” The cyber currency also has a lot of potential for mainstream use in the long term. This is because the use of the stablecoin can reduce costs and increase efficiency , the digital currency also contributes to financial inclusion. This would make money transfers faster and cheaper. Finally, Coinbase summarizes: “We are excited about the growth and acceptance of crypto in Singapore and beyond. We believe USDC will play a critical role in the future of finance and we strive to make this accessible and user-friendly for everyone.”
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