The mainstream American cryptocurrency exchange Coinbase has launched a new enterprise platform, Coinbase Business, which has officially gone live in Singapore, marking the company's first international expansion.
After launching Coinbase Business in June, Coinbase announced on Wednesday that the platform is now available in Singapore, its first international market outside the United States.
Coinbase Business is aimed at startups and small businesses, providing an "integrated crypto operations platform" that allows users to make payments and receive funds using the Coinbase-supported stablecoin USDC, manage crypto assets, and automate financial workflows.
"By leveraging the speed and stability of digital dollars like USDC, we provide businesses with a platform for seamless and secure transactions, featuring instant settlement, minimal fees, and zero chargebacks," the company stated.
Coinbase partnered with its local banking partner Standard Chartered to launch this service, enabling retail and corporate clients to transfer Singapore dollars.
With the support of Standard Chartered, Coinbase Business offers a suite of tools for Singaporean businesses, including crypto trading, global payments, payment links with a 1% transaction fee, and asset management with USDC holding rewards.
The launch of Coinbase Business in Singapore is built on the long-term collaboration between Coinbase and the Monetary Authority of Singapore (MAS).
In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to extend its digital payment token services to individual and institutional clients in Singapore.
Last month, Coinbase announced its participation in the MAS BLOOM (Borderless, Liquidity, Open, Online, Multi-Currency) initiative, which aims to expand financial settlement capabilities through the use of tokenized bank liabilities and regulated stablecoins.
"Our collaboration with MAS demonstrates how we are actively building compliant infrastructure to support the next generation of finance," Coinbase noted.
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Original article: “Coinbase Business Launches in Singapore, Reshaping Payment Landscape with USDC”
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