Cryptocurrency exchange giant Coinbase announced the launch of a new Engineering Hub in Singapore on Wednesday, underscoring the company’s deepening commitment to the city-state, positioning it as a key hub for blockchain innovation in the Asia-Pacific (APAC) region.
The initiative, supported by the Singapore Economic Development Board (EDB), aims to foster the local developer ecosystem by supporting engineers to build the future of Web3, the decentralized internet powered by blockchain technology.
“This brings us one step closer to our goal of increasing economic freedom by onboarding one billion people into the cryptoeconomy, and Singapore one step closer to achieving the digital upskilling goals of the Smart Nation 2.0 strategy,” said Coinbase in its press release.
Commenting on the announcement, Philbert Gomez, Executive Director and Head of Digital Industry Singapore (DISG) said: “Coinbase’s new Engineering Hub is an exciting addition to Singapore’s digital industry that expands the breadth of opportunities for talent to pursue world-class product engineering work in Singapore and underscores our status as a hub for responsible blockchain innovation.
“We are pleased to partner with Coinbase in building the infrastructure that will power the future of Web3 from Singapore.”
The news also aligns with Singapore’s Smart Nation 2.0 strategy, which emphasizes digital upskilling. The government has committed 1% of its GDP to the Research, Innovation and Enterprise 2024 Plan to bolster the country’s position as a research and development leader.
Coinbase’s Engineering Hub will contribute to this goal by providing engineers with resources and training to advance their expertise in blockchain technology.
Coinbase said 56% of finance-forward Singaporeans believe crypto is the future of finance and that upskilling engineering talent is vital to maintaining Singapore’s competitive edge in financial services and technology.
Coinbase’s expansion in Singapore is part of a larger commitment to the APAC region. The company intends to grow its current team of 70 employees in Singapore, adding to the existing 600-strong workforce across the region.
