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Coinbase, a Nasdaq-listed crypto exchange, is looking to increase its Singapore headcount to about 200 by the end of 2026, up from around 150, according to the company’s Singapore country director.
In an interview with The Business Times on July 22, Hassan Ahmed said that the functions expected to grow the most are engineering, customer service, relationship management, and institutional sales.
On the same day, Coinbase opened its Singapore office at One Raffles Quay.
Ahmed described the city-state 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,” he said.
Coinbase received its full major payment institution license 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.
Growing Singapore headcount amid layoffs
Coinbase’s hiring plans in Singapore stand in contrast to its staff cuts elsewhere in the world.
On May 5, Coinbase Global announced that it would let go of around 14% of its workforce, citing a need to manage costs in volatile markets and technological advances in AI.
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 country, as well as in the broader Asian region.
According to the country director, 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 added.
He also pointed to the country’s business-friendly operating environment, advantageous tax rules, and strong capital flows.
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