The U.S-based cryptocurrency exchange, Coinbase, has opened up a new engineering hub in Singapore. This is a strategic decision in developing Coinbase’s operation in the Asia-Pacific region (APAC), which seeks to promote local developers and enhance its foothold.
According to a report on Wednesday, the platform will primarily be used to develop blockchain technology through training and infrastructure development. Coinbase has collaborated with the Singapore Economic Development Board (EDB) to start this program to support the local blockchain community.
Coinbase’s Statement
Coinbase released a statement outlining its mission for the engineering hub.
With the Engineering Hub, we hope to empower local engineers to build the onchain economy and to make crypto more accessible and useful for everyday financial needs in the region.
Executive Director and Head of Digital Industry Singapore (DISG), Philbert Gomez, praised Coinbase’s new venture. He believes it will add to Singapore’s digital landscape and reinforce the nation’s role as a blockchain innovation hub. Gomez stated, “Coinbase’s new Engineering Hub is an exciting addition to Singapore’s digital industry that expands the breadth of opportunities for talent to pursue world-class product engineering work in Singapore.”
The hub will support Singapore’s growth as a digital finance center. Coinbase has over 600 employees across APAC, including 70 staff members in Singapore. With the new hub, Coinbase aims to grow its Singapore team and deepen its engagement with the regional market.
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Coinbase’s expansion mirrors moves by other U.S.-based exchanges entering the APAC market. Gemini, another American exchange, got approval in principle for a major payment license from the Monetary Authority of Singapore. This trend underscores the rivalry because more international crypto exchanges are trying to enter the APAC digital market.
Coinbase will play its part in developing blockchain technology in Singapore with this new engineering center. The center will serve as a point of contact where local developers can get tools and training to understand more about digital finance. Coinbase wants this to position Singapore as a hub for Web3, which is decentralized and built on blockchain.
As it expands its services in Singapore, Coinbase is stepping into a larger piece of the pies of Asia’s growing digital economy. This step proves that Coinbase is committed to combining the best talent and the most advanced technologies in one of the world’s leading crypto zones.
