Cryptocurrency exchange Coinbase has partnered with the multinational banking and financial services company, Standard Chartered. The development comes amidst a wave of turmoil in the traditional banking sector which resulted in the forceful migration of funds from digital currency platforms.
The Partnership Details
Under the terms of the partnership, Standard Chartered bank will allow Singapore users to deposit and withdraw funds from Coinbase for free. For the convenience of the customers, Coinbase has merged with Singapore’s “2-click” digital identity app called Singpass to allow residents to tap the crypto exchange.
How will this Decision Benefit the Companies and Customers?
The partnership is expected to bring significant benefits for both companies. For Coinbase, the deal provides an opportunity to expand its customer base, as it taps into the vast network of Standard Chartered’s clients and also allows customers to enjoy more flexibility while making transactions in Coinbase.
For Standard Chartered, the partnership represents an opportunity to stay ahead of the curve in a rapidly evolving financial landscape. By partnering with Coinbase, the bank is able to expand its services and appeal to a wider range of clients. It also positions the bank as a leader in the adoption of new technologies and the digital transformation of the financial sector.
Despite the ongoing disputes between traditional banks and crypto exchanges, this partnership indicates that the traditional banking sector is beginning to embrace cryptocurrencies as a legitimate asset class. This serves as a major milestone in the evolution of the financial industry, as digital currencies switched from the fringes of the economy to the mainstream.
