According to The Straits Times, Nasdaq-listed crypto exchange Coinbase, the world's second largest crypto exchange globally behind Binance, has officially opened its new 10,000 sq ft office at One Raffles Wharf, replacing its previous WeWork space at Collyer Quay. The company plans to grow its local headcount from about 150 employees to around 200 by the end of 2026, with Singapore country director Hassan Ahmed confirming that the expansion reflects Coinbase's long-term view of Singapore as a global center for finance and digital assets. As reported by The Straits Times, the company expects the strongest hiring growth in engineering, customer service, relationship management and institutional sales roles, giving them the resources to work more closely with local authorities, invest in talent and scale partnerships.
As reported by The Straits Times, Ahmed described Singapore as "one of the world's most trusted financial hubs and one of Coinbase's fastest-growing international markets," noting that "It was much ahead of other jurisdictions and hubs that were also vying to be digital asset hubs at that time." The company's relationship with Singapore's regulators has developed over several years, with Coinbase first receiving a temporary exemption from licensing requirements in March 2020 before obtaining an in-principle approval from the Monetary Authority of Singapore (MAS) in October 2022. Subsequently, in October 2023, Coinbase secured a full Major Payment Institution license under Singapore's Payment Services Act, allowing the exchange to operate as a fully licensed digital payment token service provider in the country. The company's offerings in Singapore include retail trading and staking services, with the Singapore dollar-backed stablecoin XSGD also listed on Coinbase.
According to The Straits Times, Coinbase has increased its investments in Singapore and across the region since securing its full license, with initiatives including support for Singapore dollar-backed stablecoin XSGD through a partnership with StraitsX, as well as Coinbase Business, which provides companies with access to stablecoin payment infrastructure. The company identified Singapore among six priority international markets for its expansion strategy, alongside the European Union, Canada, the United Kingdom, Australia, and Brazil. As reported by The Straits Times, Ahmed emphasized that Singapore's expansion plan is independent of Coinbase's global layoffs announced in May of this year, with the Singapore expansion separate from organizational restructuring decisions. The company currently has around 4,000 employees worldwide.
As reported by The Straits Times, Ahmed attributed Coinbase's continued investment to Singapore's regulatory clarity and business environment, citing the country's favorable tax structure and access to capital. He noted that accredited and institutional investors have continued increasing their interest in both digital assets and blockchain technology, with tokenization attracting considerable attention as governments introduce frameworks covering digital assets. Looking ahead, Coinbase is exploring how artificial intelligence can be integrated with blockchain technology, with Ahmed highlighting potential applications including equipping AI agents with stablecoin wallets and introducing AI across internal operations. The company's focus is on building "high-impact teams" that support both Singapore operations and broader international business.
According to The Straits Times, the Singapore expansion comes despite Coinbase's workforce reductions announced earlier this year, when the company said it would reduce its global staff by about 14% as part of a cost management effort driven by market volatility and increasing use of artificial intelligence technology. On May 5, Coinbase Global announced plans to cut about 14% of its workforce, citing the need to control costs amid volatile markets and advances in artificial intelligence technology. Despite these challenges, Ahmed emphasized that Coinbase sees a "bright future" for cryptocurrency and stablecoin adoption in Singapore and across Asia, supporting the company's decision to continue hiring in the country and concentrate remaining staff around AI skills while reducing management layers. As reported by Bloomberg, the hiring push in Singapore comes as Coinbase carries out a restructuring that will cut 14% of its global workforce.
