London-based crypto exchange Blockchain.com has been approved to offer payment services by the Monetary Authority of Singapore (MAS), according to a Reuters report on Wednesday.
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The news comes one day after another crypto exchange, Coinbase, announced it was granted in-principal approval for a Digital Payment Token (DPT) in Singapore.
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Backed by investors such as Lightspeed Venture Partners, Blockchain.com will become the 18th crypto firm to operate in Singapore out of roughly 180 that have applied for payments license since 2020, according to the report.
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The company told Reuters its sees Singapore as an attractive spot to grow its institutional business and team, noting half of its business comes from institutions.
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Other recent regulatory wins for Blockchain.com include a provisional approval to operate in Dubai. The company, of course, hasn’t been immune to crypto winter, having been forced to slash 25% of its workforce in July after losing $270 million from lending to failed crypto hedge fund Three Arrows Capital.
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Blockchain.com and MAS did not immediately return requests for comment.
Read More: Coinbase Gets Singapore Digital Payment Token License
