Coinbase Business, a new business platform from Coinbase, a major US cryptocurrency exchange, has been launched in Singapore, marking the company’s first overseas expansion.
After introducing Coinbase Business in June, Coinbase has rolled out the platform in Singapore, its first international market outside the United States, the company announced Wednesday.
Targeted at startups and small businesses, Coinbase Business offers an “all-in-one cryptocurrency operating platform” that allows users to send and receive payments in the Coinbase-backed stablecoin USDC (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 that enables seamless and secure transactions with instant payments, minimal fees, and zero chargebacks,” the company said in a statement.
Strategic cooperation with Standard Chartered
Coinbase is working with local banking partner Standard Chartered to roll out this service, allowing both retail and corporate customers to send money in Singapore dollars.
With support from Standard Chartered, Coinbase Business will offer Singapore businesses a suite of tools including cryptocurrency trading, global payments, payment links with a 1% transaction fee, and asset management with rewards for holding USDC.
sauce: coinbase singapore
The launch of Coinbase Business in Singapore builds on Coinbase’s long-standing collaboration with the country’s financial regulator, the Monetary Authority of Singapore (MAS).
In October 2023, MAS granted Coinbase a Major Payment Institution (MPI) license, allowing the exchange to expand its digital payment token services to both retail and institutional customers in Singapore.
Related: Coinbase debuts token sales platform with Monad launch
Last month, Coinbase announced its participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multi-Currency) program. The program aims to expand financial payments capabilities by enabling the use of tokenized bank debt and regulated stablecoins.
“This collaboration with MAS demonstrates how we are proactively working to build a compliant infrastructure that will support the next era of finance,” Coinbase said.
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