Coinbase adds zero-fee USDC Trading in Singapore
• Coinbase has begun offering zero-fee USDC trading for users in Singapore.
• A survey conducted by Coinbase showed an increasing level of crypto adoption in the country.
• The exchange also added that crypto volatility was a major impediment to new entrants.
Survey Reveals Increasing Crypto Adoption
Coinbase partnered with YouGov to study responses from 2,000 adult participants and found that almost a third of all participants reported owning or having owned crypto in the past. The survey also indicated significant adoption among young adults, while respondents above 30 were more likely to make higher-value trades. This data showed that 25% of surveyed Singaporeans consider crypto as the future of finance, which is on par with the US and higher than the 17% reported in the UK.
Zero-Fee USDC Trading Offer
In response to these findings, Coinbase announced the feeless USDC trading for its Singapore customers on May 16th. Users will now be able to buy USDC stablecoin using Singapore Dollar deposits without any fees or transaction costs. Additionally, Coinbase will reward customers if they hold the stablecoin in their accounts.
Crypto Volatility Impeding Adoption
The survey revealed that crypto volatility is a major impediment to new entrants into this space due to its unpredictable nature. Hence, Coinbase’s decision to simplify access to a stable asset like USDC is meant to encourage people who might otherwise have been deterred by volatility risks.
Conclusion
Overall, this move by Coinbase shows that there is growing interest and adoption for cryptocurrencies amongst Singaporeans despite some of its risks. With this initiative, Coinbase hopes to bridge gaps between traditional finance and digital assets while providing users with more opportunities for secure transactions and investments within this space