Coinbase (NASDAQ:COIN) stock is climbing higher on Monday after the crypto exchange company announced a new license in Singapore.
According to a press release from Coinbase, it has been awarded a Major Payment Institution (MPI) license from Singapore’s Monetary Authority. With this license, the company is now able to offer its Digital Payment Token services to businesses and individuals in the country.
Coinbase views Singapore as a priority market in which it wants to develop its services. It points toward growing demand for crypto services in the country. That includes 25% of surveyed residents seeing crypto as the future of finance.
Coinbase provided the following statement about the news in its press release:
“Beyond simply offering products, our commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at our Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures.”
Another Win for COIN Stock
Today’s news marks another success for Coinbase as it battles to expand the use of crypto. It saw another victory last month when it was given approval to sell cryptocurrency futures to retail investors by the National Futures Association.
COIN stock is up 5.2% as of Monday morning.
Investors searching for more of the latest stock market stories today are in luck!
We have all of the biggest stock market news that traders need to know about on Monday! Among that is why shares of Intelligent Bio Solutions (NASDAQ:INBS) stock, SmileDirectClub (NASDAQ:SDC) stock and Invitae (NYSE:NVTA) stock are on the move today. All of those details are ready to go at the links below!
More Monday Stock Market News
- Why Is Intelligent Bio Solutions (INBS) Stock Down 52% Today?
- Why Is SmileDirectClub (SDC) Stock Down 54% Today?
- Why Is Invitae (NVTA) Stock Up 28% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
