Coinbase launches its Business platform in Singapore, offering startups crypto trading and payments with Standard Chartered under full MAS regulation.
Coinbase has officially started Coinbase Business in Singapore. This is a massive leap for the company. It is Coinbase’s first expansion of its business outside of the United States. The new platform will offer crypto trading and payment services. These services are for local startups and small and medium-sized businesses, aka SME.
MAS-Licensed Coinbase Boosts Business Payments in Singapore
This new service will be able to work with Standard Chartered Bank. This is a very important partnership. It supports swift transfers using the use of Singapore dollars (SGD). Businesses also can make payments on the spot. They can use stablecoins like USDC and XSGD. XSGD is a stablecoin that is backed by the Singaporean dollar. Coinbase says having such a service will make international transactions cheaper. It will further minimize the problems of chargebacks for businesses.
Related Reading: ASTER News: Coinbase Adds Aster to Roadmap, Boosting Decentralized Trading Interest | Live Bitcoin News
Coinbase Business in Singapore is based on a good relationship. This relationship is with Monetary Authority of Singapore (MAS). In October 2023, Coinbase was given a Major Payment Institution (MPI) license by the MAS. This license is what enables Coinbase to offer regulated services of providing digital payment tokens. It can cater to individuals as well as large companies in Singapore.
The new platform is a total operating solution for crypto. It is created for startups and small to medium-sized businesses (SMBs). Businesses can easily control their crypto. They can automate their financial tasks. Further, they can make payments and receive payments using the USDC and XSGD stablecoins.
The service is cooperating with Standard Chartered. This is of assistance for real-time SGD transfers. This is for the businesses and the regular customers. This expansion shows that Coinbase is following the rules of Singapore pretty well. The MPI license suggests that their digital payment services are fully regulated. The important point is to give Singaporean enterprises better financial tools. These tools are faster and cheaper and they are programmable.
Coinbase Business Opens to Startups and SMBs in Singapore
Coinbase Business has been opened to businesses that are eligible startups and local businesses in Singapore. These businesses need crypto trading and payment services. They will make use of the partnership with Standard Chartered. In Coinbase’s wider range of products, Coinbase Business falls in the middle. It’s in between the retail exchange (individuals) and Coinbase Institutional (big investors).
This new platform is called a “crypto operating account.” It specifically serves start-ups and SMBs. Consequently, these businesses can manage crypto more efficiently. Moreover, it simplifies financial operations for smaller enterprises. This move fits in with the bigger picture of Coinbase’s plan. They want to expand their business all over the world and not only in the US.
Right now, Singapore is Coinbase’s main base in this region. Coinbase suspended its operation in a country of Japan. They are currently not partnered with banks to deal with the local currency in other parts of Asia.
This eventually shows the importance of Singapore. It is a big entry point for Coinbase for expanding in the Asian market. Coinbase recently also joined the MAS BLOOM Initiative. Lastly, this initiative is concerned with the settlement of digital assets in Singapore. This shows their strong commitment to the crypto future of Singapore.
