Skip to content
- Coinbase launched its first international business platform in Singapore.
- The new service enables real-time local and cross-border crypto payments for startups.
- It aims to cut global transaction costs through instant stablecoin settlements.
Coinbase has officially launched Coinbase Business in Singapore, marking its first major international expansion outside the United States. The new platform offers cryptocurrency trading and payment solutions for startups and small enterprises.
Already supported by a banking collaboration with Standard Chartered, this service enables real-time money transfers in Singapore dollars, making the transition between fiat and crypto payment systems smooth. The company is working towards making international money transfers faster and less expensive for businesses.
The aim of this collaboration by Coinbase is to lower the cost and risks involved with the traditional payment system via the instant settlement service offered by its stablecoins, USDC, and XSGD. It is currently taking applications for early access to Singapore-based firms that are interested in crypto payment infrastructure.
The move comes as a result of Coinbase’s involvement as a participant in the Monetary Authority of Singapore’s BLOOM Initiative. Which aims at promoting settlement frameworks related to digital assets within Singapore.
Coinbase Holds Major Payment License in Singapore
Coinbase operates in Singapore via a subsidiary, Coinbase Singapore Pte. Ltd., which is a Major Payment Institution licensed by the Monetary Authority of Singapore, commonly known as MAS).
The services included under the license are those related to “Digital Payment Token Service” and “Cross-Border Money Transfer Service.” The inclusion of this particular service will allow Coinbase to perform crypto payment services as well as facilitate other
Nevertheless, the present license does not encompass the Merchant Acquisition Service or the Domestic Money Transfer Service. It implies that Coinbase is unable to conduct card transactions and handle internal merchant transactions as per its constituent and present definition.
The condition may limit the applicability of its instant settlement service functions. But this will still allow Coinbase to have an excellent entry strategy into the rapidly changing Singaporean digital payment market.
Currently, Singapore boasts a total of 36 MPIs licensed to offer a digital payment token service. If Coinbase chooses to extend its services, including things like API-based invoice creation or a business interface. The company can immediately differentiate itself among other service providers.
Coinbase Enables Stablecoin Payments for Businesses
Coinbase Business offers a novel integration service between software applications, including financial services, and the payment system utilizing stablecoins. Billing services and enterprise resource planning software can now interface directly with Coinbase APIs, allowing firms to accept USDC or XSGD payments and immediately record this into their ledger system.
It will assist small and medium-sized enterprises (SMEs) in lowering their relatively high foreign exchange costs and/or long settlement times involved in international transactions. The banking connection between Standard Chartered will ensure that Singapore dollars are processed in real-time, and Coinbase offers an auto-switch service between fiat and crypto channels for settlement.
Through the provision of safe and blockchain-based payment services, Coinbase is establishing Singapore as a key location for crypto-based business payments, paving the way for a future of digital finance in the Asian market.
Related Reading: Bitcoin ETFs rebound with 240 million inflows after six days of losses
