Coinbase, the largest cryptocurrency exchange based in the United States, has officially opened a new office in Singapore as part of its plan to expand its local workforce. The new 10,000-square-foot office, situated at One Raffles Quay, replaces the company’s previous location at a WebWork space in Collyer Quay.
Hassan Ahmed, Coinbase Singapore’s country director, highlighted the company’s confidence in Singapore’s position as a global financial and digital asset hub. He emphasized that the office will enable closer collaboration with regulators, policymakers, and ecosystem partners as digital assets gain prominence within the broader financial system. Ahmed pointed to Singapore’s well-established regulatory framework, thriving innovation environment, and abundant financial and technology talent as key factors supporting this strategic move.
Currently, Coinbase employs about 150 staff members in Singapore across roles including customer service, engineering, compliance, and sales. The company plans to increase its headcount to roughly 200 by the end of 2026. This growth is part of Coinbase’s broader commitment to nurturing “high-impact teams” that contribute both to its Singapore operations and its international business.
Despite a May announcement to cut approximately 14 percent of its global workforce due to volatile market conditions and advancements in artificial intelligence, Coinbase maintains that its Singapore expansion efforts remain unaffected. The recent layoffs were described as a move to streamline management layers and concentrate on artificial intelligence capabilities. Ahmed underscored that these cost-management measures are distinct from the company’s long-term investment strategy in the region.
Coinbase offers a range of digital asset services in Singapore, including retail trading and staking—a process where users lock up tokens to validate blockchain transactions and earn rewards. Additionally, Coinbase lists the Singapore dollar-backed stablecoin XSGD on its platform. XSGD is pegged one-to-one with the Singapore dollar and fully backed by assets held at DBS Bank and Standard Chartered Bank.
The exchange received in-principle approval from the Monetary Authority of Singapore (MAS) in October 2022, following a licence application submission before July 2020. It was granted its full major payment institution licence under the Payment Services Act in October 2023, allowing the company to provide regulated digital payment token products and services in the country.
Coinbase’s new office and hiring plans reflect its ongoing commitment to Singapore as a strategic center for innovation, talent development, and growth within the Asia-Pacific digital asset sector.