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Cryptocurrency exchange Coinbase has announced the launch of its new Engineering Hub in Singapore to bolster the local developer ecosystem.
Supported by the Singapore Economic Development Board (EDB), the initiative offers resources and training to local developers with the aim to attract and develop blockchain talent in the APAC region.
The move also reflects Coinbase's commitment to Singapore as a central hub for blockchain innovation in APAC and is expected to grow the exchange's team, which currently stands at around 70; Coinbase already employs over 600 people across APAC.
Hassan Ahmed, Coinbase’s country director for Singapore, said the Engineering Hub will "empower local engineers to build the future of Web3 and to make cryptocurrency more accessible and useful for everyday financial needs in Singapore."
He added that the project brings Coinbase "one step closer to our goal of increasing economic freedom and onboarding one billion people into the cryptoeconomy."
According to Coinbase, 56% of finance-forward Singaporeans believe that crypto is the future of finance.
Coinbase reported its third-quarter earnings last Wednesday, falling short of analysts' predictions. Per-share earnings came in at $0.28, below the expected $0.45. Revenue of $1.21 billion missed the $1.26 billion forecast too, while Coinbase's net income of $75 million was short of the expected $11.2 million.
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Nonetheless, in a shareholder letter, Coinbase announced a $1 billion stock buyback program, approved by the board.
"In October 2024, our board of directors authorized and approved a share repurchase program, which provides for the repurchase of up to $1 billion of our outstanding Class A common stock without expiration," Coinbase explained.
