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After Coinbase, Blockchain.com Receives Approval From Singapore Authorities

Blockchain.com, a crypto exchange formed in 2011, has received regulatory approval from Singapore’s central bank to offer payment services in the country.

Blockchain.com, which is backed by prominent investors like Lightspeed Venture Partners, is the second crypto exchange to be approved in Singapore this week after Coinbase, the world’s second-biggest crypto exchange by spot trading volumes, was greenlit to operate in the city-state, Financial Post reported.

The total number of crypto firms operating in Singapore is now 18, out of the total 180 firms that have applied for a license to operate since 2020, according to the outlet.

Blockchain.com believes Singapore is a crucial market for its services and stated that it aims to attract additional institutional investors along with its team. The firm confirmed that half of its business comes from institutional customers, while its retail business includes 84 million wallet holders from 200 countries.

As mentioned previously, Coinbase also expanded to Singapore this week despite suffering a loss of $1 billion in Q2 2022. The Monetary Authority of Singapore granted the in-principle approval to Coinbase under the Payment Services Act, and now, the company will be able to actively provide its services to the citizens of the city-state.

The company has even hired 100 people in its Singaporean unit as it is “starting to get a little bit of appetite back,” a Coinbase executive reportedly said.

Meanwhile, the Whampoa Group, a multi-family office and a significant investment force in Singapore, confirmed that it would deploy about $100 million via a venture capital fund, to invest in crypto firms, Reuters said in a report last month.

“We think there is great conviction in this space. The venture capital fund will help us to expand our footprint in this area,” Shawn Chan, chief executive officer of Whampoa Group, told the outlet.

Singapore’s central bank is embracing blockchain as ‘proof-of-concept’ plans touted.

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