Coinbase to expand Singapore operations, grow headcount to 200 despite global job cuts
[SINGAPORE] Nasdaq-listed crypto exchange Coinbase is looking to grow its Singapore headcount to about 200 by the end of 2026, up from around 150, said Hassan Ahmed, its country director for Singapore.
In an interview with The Business Times on Wednesday (Jul 22), he said that the functions expected to grow the most are engineering, customer service, relationship management and institutional sales.
Coinbase also opened its Singapore office at One Raffles Quay on Wednesday.
Ahmed described the Republic as “one of the world’s most trusted financial hubs and one of Coinbase’s fastest-growing international markets”.
“This new office reflects our long-term confidence in Singapore as a strategic hub for innovation, talent, and responsible growth across the Asia-Pacific, giving us the resources to work more closely with local authorities, invest in talent and scale partnerships.”
Coinbase received its full major payment institution licence under the Payment Services Act in October 2023, and has since stepped up its investments in Singapore and the region.
Initiatives include supporting the Singapore dollar-backed stablecoin, XSGD, in partnership with StraitsX and Coinbase Business, which gives companies access to stablecoin payment infrastructure.
Stablecoins are digital tokens designed to keep a constant value and backed by traditional currencies such as the US dollar.
Why Singapore?
Coinbase’s hiring plans in Singapore stand in contrast to its headcount cuts elsewhere in the world.
On May 5, Coinbase Global announced that it would cut around 14 per cent of its workforce, citing a need to manage costs in volatile markets and technological advances in artificial intelligence.
It said it would concentrate remaining staff around AI skills while reducing layers of management.
Ahmed explained that Singapore’s hiring push comes as Coinbase sees a “bright future” for the adoption of crypto and stablecoins in the Republic, as well as in the broader Asian region.
He added that Singapore has been attractive given its clear regulatory framework. “It was much ahead of other jurisdictions and hubs that were also vying to be digital asset hubs at that time.”
He also pointed to the business-friendly operating environment, advantageous tax rules and strong capital flows into Singapore.
On the sources of demand, Ahmed pointed to two groups – accredited investors and institutional investors – both of which have “increased their focus on both digital assets as an asset class and blockchain as a technology”.
Regulation becomes a tailwind
Ahmed noted that there has been a “huge swell of interest” in the tokenisation space as regulators around the world become active supporters.
He pointed to developments such as the Genius Act in the US, Europe’s Markets in Crypto-Assets and Hong Kong’s stablecoin ordinance. In Singapore, the Monetary Authority of Singapore has rolled out a tokenised bills pilot and stablecoin regulatory framework.
“Consumers and traders now have an expectation of 24/7 trading markets, and they want to apply this technology to tokenise assets to make them 24/7,” he said. “They also want to use stablecoins to do instant settlement.”
Looking ahead, Coinbase is exploring the intersection of AI and digital assets – for instance, equipping AI agents with stablecoin wallets, and using these to track and audit the blockchain as the agent acts.
AI will also be integrated into the business and processes internally; this will be especially so in engineering, though Ahmed noted that humans must utltimately retain oversight.
“Digital assets and AI are effectively colliding,” he said. “We are very excited about the potential of AI.”
