Coinbase (NYSE: COIN) is a major crypto exchange internally. The latest Coinbase news mentions that the exchange was able to get regulatory approval in Singapore recently. This is one of the great achievements that the global crypto exchange company has made. Let us look at the update closely in the paragraphs hereafter.
Latest Coinbase News Update
The crypto market is experiencing bearish and volatile trends amid which it is uncertain for a business in this domain to flourish. However, in the case of Coinbase, the crypto exchange did not fear any negative outcomes. Instead, the latest Coinbase news notes that the crypto exchange went on with the plan of global expansion that it had earlier formulated. The company in a blog post dated Tuesday, October 11, 2022, mentioned that:
“Gaining this in-principle approval from MAS is an important step, as we plan to launch our full suite of retail, institutional and ecosystem products. Singapore plays a critical regulatory and commercial role in APAC and beyond and serves as our global talent hub; we are excited to continue investing and building for the crypto-economy here.”
Moreover, central banks and regulatory bodies around the world have repeatedly noted that the crypto sector might face extreme regulatory actions. This would disrupt the working of people or organizations involved but crypto exchange Coinbase decided to set its foot in Singapore. Further, it is trying to attract customers to be able to profit from this new venture.
The update was a positive one and might have been a relief for the company amid the volatile market and crypto winter conditions. In contrast, the stock of the company didn’t do well even after this crypto news came out. The COIN stock was down by 1.25% and traded at $66.20 (down by 0.84 points) in the pre-market trading session at the time of writing today.