Key facts
- Coinbase has opened a new, larger office in Singapore at One Raffles Quay.
- The company plans to increase its Singapore headcount to approximately 200 employees by the end of 2026.
- This expansion comes despite Coinbase announcing a global workforce reduction of about 14% in May.
- Coinbase received its full major payment institution licence in Singapore in October 2023.
- The exchange is investing in areas like AI and digital assets, including equipping AI agents with stablecoin wallets.
Coinbase, the largest cryptocurrency exchange in the United States, has opened a new, larger office in Singapore and plans to significantly expand its local workforce. The company aims to grow its Singapore headcount to approximately 200 employees by the end of 2026, up from around 150 currently, across roles in customer service, engineering, compliance, sales, relationship management, and institutional sales.
This expansion in Singapore comes despite Coinbase announcing in May that it would cut about 14% of its global workforce to manage costs amid volatile market conditions and advances in artificial intelligence. Coinbase's country director for Singapore, Hassan Ahmed, stated that the Singapore expansion is separate from the global restructuring and reflects long-term confidence in the city-state as a strategic hub for innovation, talent, and responsible growth in the Asia-Pacific region.
The new office, located at One Raffles Quay, replaces a previous WeWork space. Coinbase views Singapore as one of its fastest-growing international markets and a trusted financial hub, benefiting from its clear regulatory framework, innovation ecosystem, and talent pool. The company received its full major payment institution licence from the Monetary Authority of Singapore in October 2023, enabling it to offer regulated digital payment token products and services.
Coinbase is also exploring the integration of artificial intelligence with digital assets, such as equipping AI agents with stablecoin wallets for tracking and auditing blockchain activities. The company supports the Singapore dollar-backed stablecoin, XSGD, and sees a bright future for crypto and stablecoin adoption in the region.