25% of Singaporeans view crypto as the future of finance, on par with the US. Security concerns and price volatility were identified as barriers for non-crypto owners. To address these concerns we’re excited to introduce updates including no-fee SGD purchases of USDC, rewards for holding USDC, USDC order books on advanced trading, and staking for ETH, SOL, ADA, ATOM, and XTZ.
We are excited to share the findings of our recent study that aimed to explore the attitudes of Singaporeans towards cryptocurrencies and their role in finance. This research reflects the constructive stance of policymakers towards crypto and Web3 in Singapore, which has led to a surge in adoption in the country and region. The study we commissioned revealed that 25% of surveyed Singaporeans consider crypto as the future of finance, a percentage on par with the US, and higher than the 17% reported in the UK.
According to the survey, individuals with prior cryptocurrency experience and higher incomes tend to engage in higher trade amounts and frequency. Additionally, the data shows that trade amounts tend to be higher among individuals over 30 years old, while frequency is higher among those under 30 years old. Moreover, 32% of surveyed Singaporeans either own or used to own crypto, and over half of crypto owners plan to trade or hold this year.
The survey revealed that security concerns and price volatility were a significant barrier to entry for non-crypto owners. We prioritise the safety and security of our customers’ assets through robust operational and legal protections. Our balance sheet is also strong, and we have invested in an experienced and dedicated risk team. Additionally, we are working closely with the Monetary Authority of Singapore to enhance the regulatory framework, which strikes a balance between retail access, consumer protection, and innovation. We believe that our contributions to the ongoing consultation will benefit the entire industry.
At Coinbase, we are committed to building trusted and easy-to-use products for customers at every step of their crypto journey. Today, we’re updating our product in Singapore to cater to those looking for less volatile options to begin or continue their crypto journey.
Today, we are announcing a few USDC updates for our Singaporean customers. USDC is a type of cryptocurrency that is designed to be pegged to the US dollar, with the aim of providing stability and predictability in its value.
We are introducing no-fee USDC purchases with SGD
Users can now earn rewards for holding USDC on Coinbase
And we are making USDC order books available on advanced trading, which will allow users to trade 200+ assets against USDC
Additionally, we are making staking available for ETH, SOL, ADA, ATOM, XTZ. Staking is the process of holding a cryptocurrency in a wallet to support the operations of a blockchain network and earn rewards. It is a way for investors to contribute to the security and efficiency of a network while generating passive income.
We firmly believe that USDC will be a key component of a new financial paradigm. Its reliability makes it an attractive collateral asset for DeFi protocols, and it has already seen significant adoption for paired trading with other digital currencies across exchanges. In fact, the top three stablecoins, including USDC, account for almost 90% of centralised exchange trading volume.
Looking to the future, we believe that stablecoins like USDC have even more untapped potential within mainstream commercial use cases. They can increase financial inclusion by reducing costs and increasing efficiency. They can enable faster and cheaper global money transfers and serve as a fiat onramp into the new web3 digital ecosystem.
We are thrilled about the growth and adoption of crypto in Singapore and beyond. We believe that USDC will play a crucial role in the future of finance, and we are committed to making it accessible and easy to use for everyone.
* This survey was developed on behalf of and paid for by Coinbase and conducted by YouGov, a third-party global market research firm, the study sampled 2,000 adults in Singapore representative of the smartphone population, with the sampling frame based on the Singapore Department of Statistics 2021.
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