Singapore is San-Francisco-based Coinbases first foray into Asia. The money transfer service in Singapore will allow consumers to buy and sell Bitcoin with SGD. the service is not considered regulated activity in Singapore.
Unlike conventional currencies, Bitcoin is bought and sold on a peer-to-peer network independent of central control. Bitcoin is not backed by a government or central bank, and its value fluctuates according to demand by users.
Coinbase currently has more than 3.9 million consumer wallets, 40,000 merchants using its payment mechanism and 7,000 software developers using its platform to create new products.
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