Coinbase Business Lands in Singapore, Brings USDC Payments to Companies

On November 12, the company announced that Coinbase Business, first introduced in June, is open to companies operating in the city-state.

The service is designed for small and growing businesses that want to use cryptocurrencies in their operations.

Through Coinbase Business, users can send and receive payments using the Coinbase-supported stablecoin USDC
USDC


$1.00

, manage their digital assets, and automate everyday financial tasks.

In the announcement, Coinbase stated:

By leveraging the speed and stability of digital dollars like USDC, we offer businesses a platform that enables seamless and secure trading, with instant settlement, minimal fees, and zero chargebacks.

To make local payments possible, Coinbase is partnering with Standard Chartered, its banking partner in Singapore. This partnership allows both individual and business customers to easily transfer Singapore dollars to and from their Coinbase accounts.

With the help of Standard Chartered, the service offers tools such as crypto trading, cross-border transfers, and payment links that charge a 1% fee per transaction. Businesses can also earn rewards on USDC balances.

The decision to expand to Singapore continues Coinbase’s ongoing work with the Monetary Authority of Singapore (MAS).

On November 10, Coinbase launched a new service that allows US retail investors to participate in regulated initial cryptocurrency offerings (IPOs). What did the company say? Read the full story.