Coinbase, a well-known cryptocurrency exchange, recently announced the launch of an engineering hub in Singapore to show support for the local developer community. This initiative is part of Coinbase’s efforts to strengthen its presence in the Asia-Pacific region and provide assistance to developers in Singapore.
The new engineering hub will focus on advancing blockchain technology through training programs and infrastructure development. By collaborating with the Singapore Economic Development Board, Coinbase aims to empower local engineers to contribute to the growth of the onchain economy and improve the accessibility of cryptocurrency for everyday financial transactions in the region.
Philbert Gomez, the executive director and head of digital industry Singapore, expressed his excitement about Coinbase’s decision to establish the engineering hub in Singapore. He believes that this move will create more opportunities for talented individuals to engage in product engineering at a global level, which will ultimately contribute to the development of the local crypto industry.
With over 600 employees in the Asia-Pacific region, including 70 in Singapore, Coinbase is considering further team expansion in the country as a result of this new initiative. While specific growth targets have not been disclosed, the exchange’s commitment to Singapore is evident as it seeks to support and nurture the local developer community.
Coinbase’s expansion in Singapore reflects a broader trend of U.S.-based cryptocurrency exchanges seeking to establish a stronger presence in the region. For example, Gemini recently obtained in-principle approval for a major payment institution license from Singapore’s Monetary Authority, signaling its own expansion strategy in the Asia-Pacific region.
Overall, Coinbase’s decision to launch an engineering hub in Singapore is a positive development for the local crypto community. By providing resources and support for developers, Coinbase is not only contributing to the growth of blockchain technology but also enhancing the accessibility and utility of cryptocurrency in everyday financial transactions. This initiative is expected to have a lasting impact on the local crypto landscape and pave the way for further innovation and growth in the industry.