Major US crypto exchange Coinbase has launched a new business platform, Coinbase Business, in Singapore, marking the company’s first international expansion.
After introducing the Coinbase business in June, Coinbase has developed the platform in Singapore as its first international market outside the US, the company announced on Wednesday.
Targeting startups and small businesses, Coinbase Business provides an “all-in-one crypto 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 offer businesses a platform that enables smooth and secure trades with instant settlement, minimal fees and zero chargebacks,” the company said.
Strategic collaboration with Standard Chartered
Coinbase, in collaboration with its local banking partner, Standard Chartered, is operating the service to enable Singapore dollar transfers for both retail and business customers.
Backed by Standard Chartered, Coinbase Business provides a suite of tools to Singapore businesses, including crypto trading, global payments, payment links with 1% transaction fees and asset management with rewards on USDC holdings.
The launch of the Coinbase business in Singapore builds on Coinbase’s longstanding collaboration with the country’s financial regulator, the Monetary Authority of Singapore (MAS).
In October 2023, MAS granted Coinbase a Principal Payment Institution (MPI) license, allowing the exchange to expand digital payment token services to both individual and institutional clients in Singapore.
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Last month, Coinbase announced its participation in the MAS BLOOM (Borderless, Liquid, Open, Online, Multicurrency) program, which aims to expand financial settlement capabilities and regulate stablecoins by enabling the use of tokenized bank liabilities.
“This collaboration with MAS demonstrates how we are actively working to build the regulated, compliant infrastructure that marks the next era of finance,” Coinbase noted.
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