Coinbase opened a new 10,000 square-foot office at One Raffles Quay in Singapore on July 22, replacing its previous WeWork location [1, 2, 3, 4, 5]. The company plans to increase its Singapore headcount from around 150 currently to about 200 by the end of 2026, focusing on roles in engineering, customer service, relationship management, and institutional sales [1, 6, 2, 3, 4, 5].
This expansion comes despite Coinbase's global workforce reduction of roughly 14%, or about 700 employees, announced in May 2026 due to volatile markets and advances in AI technology [1, 2, 3, 4, 5]. Coinbase sees Singapore as a strategic hub for innovation and growth. The company cites Singapore's business-friendly environment, clear regulatory framework, tax advantages, and strong capital flows as key factors in its commitment to the market [1, 6, 2, 3, 4, 5].
Coinbase received its full major payment institution license under Singapore's Payment Services Act in October 2023, enabling it to support the local stablecoin XSGD and explore the intersection of AI and digital assets [3, 4, 5]. Hassan Ahmed, Coinbase Singapore country director, said, "The opening of our new office reflects our confidence in Singapore’s future as a global financial and digital asset hub and the access it provides to Asian markets" [1]. Ahmed also highlighted Singapore’s status as one of Coinbase’s fastest-growing international markets and emphasized the company's focus on local talent and ecosystem partnerships [1, 3].
Ahmed added, "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" [3].
The new office launch reinforces Coinbase’s engagement with regulators and its strategy to strengthen its presence in Asia. By the end of 2026, Coinbase expects to increase its Singapore team by roughly 33%, continuing to build its footprint despite broader company-wide workforce reductions [1, 6, 2, 3, 4, 5].
