Crypto exchange platform Blockchain.com said on Wednesday it has won approval from Singapore’s central bank to offer its payment services in the country.
The crypto platform, backed by investors including Lightspeed Venture Partners, said it considers Singapore an attractive location to grow its institutional customers and team.
Blockchain.com was valued at $14 billion in March, and said half of its business comes from institutions and its retail business has 84 million wallet holders from 200 countries.
Also on AF: South Korea’s SK Hynix Wins Reprieve From US Chip Curbs
The announcement came a day after crypto giant, Coinbase, said it had also received the same approval. This brings the number of crypto companies allowed to operate in Singapore to 18, out of the roughly 180 firms who have applied for a crypto payments licence as of January this year.
Singapore’s welcoming approach has helped the financial hub attract digital asset services-related firms from China, India and elsewhere in the last few years, making it a major centre in Asia.
However, crypto players have seen the value of their holdings drop after this year’s collapse of crypto fund Three Arrows Capital and cryptocurrencies Luna and TerraUSD, as well as a steady stream of cyber robberies.
- Reuters, with additional editing from Alfie Habershon
Read more:
Crypto Hackers Steal $100m in Binance Tokens
Australia to do Crypto Stocktake Ahead of Regulatory Moves
