• Coinbase has launched zero-fee USDC trading for users in Singapore.
• This follows a survey showing an increasing level of crypto adoption among Singaporeans.
• Coinbase is also rewarding customers who hold USDC stablecoins in their accounts.
Coinbase Launches Zero-Fee USDC Trading in Singapore
Crypto exchange giant Coinbase has begun offering zero-fee USDC trading for users in Singapore. The initiative follows a survey showing an increasing level of crypto adoption among the country’s citizens. Users will now be able to buy USDC stablecoin using Singapore Dollar deposits with no fee, and those who keep their holdings with Coinbase will receive rewards from the exchange.
Survey Results Show Increasing Crypto Adoption
Coinbase partnered with YouGov to study responses from 2,000 adult participants on their views towards crypto adoption. Almost a third of all participants reported owning or having owned crypto in the past, and young adults were found to be embracing it more than older individuals. The survey indicated that 25% of surveyed Singaporeans consider crypto as the future of finance, which is on par with the U.S., and higher than the 17% reported in the UK.
Addressing Volatility Concerns
The survey results showed that volatility was one major impediment preventing new entrants into cryptocurrency markets, prompting Coinbase’s decision to simplify access to a stable asset like USDC through feeless transactions. By removing transaction fees for its customers, Coinbase hopes to encourage further exploration into cryptocurrency markets by reducing financial barriers associated with entry and exit points for users in Singapore.
Rewards For Holding Stablecoins
Apart from zero-fee trading, Coinbase has also announced rewards for customers who hold onto their USDC stablecoins within their account balances on the exchange platform. This move is expected to further bolster user engagement through incentive programs while encouraging long term investments into digital assets such as cryptocurrencies and tokens issued on blockchain networks like Ethereum (ETH).
Overall, this initiative by Coinbase comes at an opportune time as surveys show increasing levels of crypto adoption among young adults in particular within Singaporean society today. With feeless transactions and reward incentives for investors who keep their funds within its platform, Coinbase looks poised to provide an attractive option for those looking to enter cryptocurrency markets without fear of volatility or high transaction costs associated with traditional banking infrastructure solutions available today