Coinbase has officially opened a new office at One Raffles Quay in Singapore and announced plans to increase its local workforce from roughly 150 to around 200 employees by the end of 2026. The hiring drive, according to Singapore country director Hassan Ahmed, will concentrate on engineering, customer service, relationship management, and institutional sales.
Ahmed described Singapore as “one of the world’s most trusted financial hubs and one of Coinbase’s fastest-growing international markets.” He added that the new office “reflects our long-term confidence in Singapore as a strategic hub for innovation, talent, and responsible growth across the Asia Pacific.”
The expansion notably contrasts with global headcount reductions announced earlier this year. In May, Coinbase said it would cut about 14% of its worldwide staff, citing market volatility and increased use of artificial intelligence. Ahmed explained that despite those cuts, the company sees strong long-term opportunities for cryptocurrencies and stablecoins in Singapore and across Asia, which supports continued hiring in the country.
Coinbase’s relationship with Singapore’s regulators has been building since it received a temporary licensing exemption in March 2020, followed by in-principle approval from the Monetary Authority of Singapore (MAS) in October 2022, and ultimately a full Major Payment Institution license in October 2023. Singapore is one of six priority international markets identified by Coinbase, alongside the EU, Canada, the UK, Australia, and Brazil.
Further commitments include the launch of an Engineering Hub in November 2024 in partnership with the Singapore Economic Development Board, and expanded local payment infrastructure supporting the Singapore dollar-backed stablecoin XSGD through StraitsX. Ahmed also noted that accredited and institutional investors are showing increased interest in digital assets and tokenization, driven by clearer regulatory frameworks globally.
Beyond hiring, Coinbase is exploring the intersection of artificial intelligence and blockchain—potentially equipping AI agents with stablecoin wallets while maintaining auditable on-chain records. The company is also integrating AI across internal engineering, but Ahmed stressed that people will continue to oversee important decisions.
