Coinbase Business, a new business platform from major US cryptocurrency exchange Coinbase, has launched in Singapore, marking the company’s first international expansion.
after presentation Coinbase Business In June, Coinbase launched the platform in Singapore as its first international market outside the United States, the company Announce Wednesday.
Aimed at startups and small businesses, Coinbase Business provides an “all-in-one cryptocurrency operating platform” that allows users to send and receive payments in the Coinbase-backed USD stablecoin (USDC), manage cryptocurrency assets and automate financial workflows.
“By leveraging the speed and stability of digital dollars like USDC, we provide businesses with a platform that enables seamless and secure trading, with instant settlement, minimal fees, and no chargebacks,” the company said.
Strategic cooperation with Standard Chartered Bank
Coinbase is rolling out the service in collaboration with its local banking partner Standard Chartered, to enable Singapore dollar transfers for both retail and corporate customers.
Backed by Standard Chartered, Coinbase Business provides Singaporean businesses with a range of tools, including cryptocurrency trading, global payments, payment links with a 1% transaction fee, and asset management with rewards on USDC holdings.
The launch of Coinbase Business in Singapore builds on Coinbase’s long-standing collaboration with the Monetary Authority of Singapore (MAS), the country’s financial regulator.
In October 2023, MAS granted Coinbase a Master Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to retail and institutional customers in Singapore.
Related to: Coinbase launches its token selling platform for the first time with the launch of Monad
Last month, Coinbase announced its participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-Currency) program, which aims to expand financial settlement capabilities by enabling the use of bank token obligations and regulated stablecoins.
“This collaboration with MAS demonstrates how we are actively working to build the regulated and compliant infrastructure that supports the next era of finance,” Coinbase noted.
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