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Coinbase launches retail bitcoin service in Singapore, Canada

Published 2015-09-02, 05:03 p/m
© Reuters. Coinbase launches retail bitcoin service in Singapore, Canada

NEW YORK, Sept 2 (Reuters) - Coinbase, one of the world's
largest U.S.-based bitcoin companies, has launched retail buy
and sell operations in Singapore and Canada as part of its push
to expand usage of the digital currency globally.
Singapore is San-Francisco-based Coinbase's first foray into
Asia, said Brian Armstrong, the company's chief executive
officer and co-founder.
The money transfer service in Singapore, to be launched on
Thursday, will allow consumers to buy and sell bitcoin with
Singapore dollars. Armstrong said the service is not considered
regulated activity in Singapore.
Unlike conventional currencies, bitcoin is bought and sold
on a peer-to-peer network independent of central control.
Bitcoin is not backed by a government or central bank, and its
value fluctuates according to demand by users.
On Wednesday, bitcoin was trading at $229.35 BTC=BTSP , up
0.6 percent on the day.
Coinbase also launched a retail buy and sell service for
consumers as well as an exchange for professional traders in
Canada earlier this week.
"About a year ago, we made a decision to offer bitcoin
services to as many countries in the world," Armstrong told
Reuters.
At present, Coinbase operates in 28 countries. Armstrong
said the goal is to be in 40 countries by the end of 2015. "That
would be an aggressive goal. So we may end up 2015 with 30-40
countries."
Coinbase currently has more than 3.9 million consumer
wallets, 40,000 merchants using its payment mechanism and 7,000
software developers using its platform to create new products.

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