Coinbase Stock surges after Singapore’s Major Payment Institution License

October 02, 2023 11:42 PM AEDT | By Invezz
Follow us on Google News:

Coinbase Global (NASDAQ: COIN) witnessed a significant boost in its stock value, surging by 5.1% during Monday’s pre-market trading session.

This remarkable uptick was triggered by the news that Coinbase’s Singapore arm has successfully secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Coinbase’s Singapore License

Coinbase, the leading United States-based cryptocurrency exchange, announced on Sunday that it had obtained a Major Payment Institution license from MAS.

This regulatory milestone allows Coinbase to expand its digital payment token services in Singapore, catering to both individuals and institutions. The license represents a significant achievement for the company, coming one year after receiving initial in-principle approval in Singapore.

Singapore has emerged as a priority market for Coinbase, given the country’s progressive economic strategies and its approach to cryptocurrency regulation.

A recent survey revealed that 25% of Singaporeans consider cryptocurrencies to be the future of finance, with 32% having owned or currently owning cryptocurrencies. Furthermore, Singapore hosts over 700 Web3 companies, solidifying its status as a pivotal market for the growth of the crypto and Web3 economy.

Cryptocurrency market reaction

Coinbase’s stock surge coincided with a positive momentum shift in the cryptocurrency market. Bitcoin (BTC) saw a 4.2% gain, reaching approximately $28.4K and touching a six-week high of $28,489. Ethereum (ETH) also rose by 2.7%, reaching $1.73K.

Other major cryptocurrencies, including Solana (SOL) and Cardano (ADA), also experienced notable gains during Monday morning trading.

This surge in Coinbase stock and the buoyant cryptocurrency market reflects the increasing interest and confidence in the cryptocurrency industry. Coinbase’s MPI license in Singapore underscores the importance of regulatory compliance in the crypto space while positioning the company to serve the growing demand for cryptocurrency services in the region.

The post Coinbase Stock surges after Singapore’s Major Payment Institution License appeared first on Invezz


The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK