Coinbase to grow Singapore workforce to 200 by end of 2026

Coinbase has expanded its Singapore operations with a new office and announced plans to increase its local workforce by about one-third to around 200 employees by the end of 2026.

According to The Business Times, Nasdaq-listed crypto exchange Coinbase officially opened its new Singapore office at One Raffles Quay on July 22 and plans to grow its local headcount from about 150 employees to around 200 over the next 18 months. 

The hiring drive will focus primarily on engineering, customer service, relationship management, and institutional sales, Singapore country director Hassan Ahmed said in an interview with the publication.

The expansion comes as Coinbase continues to strengthen its presence in one of Asia’s most established digital asset markets. Speaking to The Business Times, Ahmed described Singapore 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,” Ahmed said.

The move also stands in contrast to Coinbase’s workforce reductions announced earlier this year. On May 5, the company said it would reduce its global staff by about 14% as part of a cost management effort driven by market volatility and increasing use of artificial intelligence. At the time, Coinbase said it would reorganize teams around AI capabilities while reducing management layers.

Despite those global cuts, Ahmed told The Business Times that Coinbase sees strong long-term opportunities for cryptocurrencies and stablecoins in Singapore and across Asia, supporting the company’s decision to continue hiring in the country.

Singapore remains central to Coinbase’s Asia strategy

Ahmed attributed Coinbase’s continued investment to Singapore’s regulatory clarity and business environment, which he said helped the country establish itself as an early digital asset hub.

According to him, Singapore was “much ahead of other jurisdictions and hubs that were also vying to be digital asset hubs” when the regulatory framework for digital assets was being developed. He also cited the country’s business-friendly operating environment, favorable tax structure, and access to capital as additional reasons behind Coinbase’s expansion.

Coinbase’s relationship with Singapore’s regulators has developed over several years. The company first received a temporary exemption from licensing requirements in March 2020 before obtaining an in-principle approval from the Monetary Authority of Singapore (MAS) in October 2022.

Subsequently, in October 2023, Coinbase secured a full Major Payment Institution license under Singapore’s Payment Services Act, allowing the exchange to operate as a fully licensed digital payment token service provider in the country.

At the time, Coinbase identified Singapore among six priority international markets for its expansion strategy, alongside the European Union, Canada, the United Kingdom, Australia, and Brazil. The company also pointed to Singapore’s growing crypto adoption, noting that the country had become one of the world’s leading digital asset markets.

Investment in Singapore continued after the licensing milestone. In November 2024, Coinbase launched an Engineering Hub in partnership with the Singapore Economic Development Board to support blockchain infrastructure development and local engineering talent. The company said the initiative would help developers build applications for the on-chain economy while strengthening Singapore’s position as a regional technology center.

Coinbase also expanded local payment infrastructure through support for the Singapore dollar-backed stablecoin XSGD in partnership with StraitsX and Coinbase Business, allowing companies to access stablecoin-based payment services.

Institutional demand and tokenization gain momentum

Looking at market demand, Ahmed told The Business Times that accredited and institutional investors have continued increasing their interest in both digital assets and blockchain technology.

He also said tokenization has attracted considerably more attention as governments and regulators introduce frameworks covering digital assets.

As examples, Ahmed pointed to the U.S. GENIUS Act, the European Union’s Markets in Crypto-Assets regulation, Hong Kong’s stablecoin ordinance, and Singapore’s own tokenized Treasury bills pilot alongside its stablecoin regulatory framework.

According to Ahmed, market participants increasingly expect financial markets to operate continuously rather than within traditional business hours.

“Consumers and traders now have an expectation of 24/7 trading markets, and they want to apply this technology to tokenize assets to make them 24/7,” he said. “They also want to use stablecoins to do instant settlement.”

His comments come as tokenized real-world assets and regulated stablecoins continue receiving attention from financial institutions across multiple jurisdictions, with several governments introducing dedicated legal frameworks over the past year.

AI becomes another investment priority

Beyond hiring and digital assets, Coinbase is also exploring how artificial intelligence can be integrated with blockchain technology.

Ahmed told The Business Times that one area under evaluation involves equipping AI agents with stablecoin wallets so they can perform transactions while maintaining transparent on-chain records of their activity. He added that blockchain could provide an auditable record of actions taken by AI systems.

The company is also introducing AI across its internal operations, particularly within engineering teams. Ahmed emphasized, however, that people would continue overseeing important decisions rather than handing complete control to automated systems.

“Digital assets and AI are effectively colliding,” Ahmed said. “We are very excited about the potential of AI.”

Coinbase is pursuing its Singapore hiring plans even as its shares have faced fresh volatility in the United States. On July 22, Coinbase shares dropped roughly 4% after Polymarket reduced the odds of the CLARITY Act passing before the end of 2026 amid disagreements over proposed ethics provisions.