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Coinbase Launches ‘Coinbase Business’ in Singapore for Startups and SMEs

Prime Highlight

  • Coinbase expands outside the U.S., launching Coinbase Business to help startups and small businesses trade cryptocurrencies and make faster, cheaper payments.
  • Partnering with Standard Chartered, the platform enables real-time SGD transfers and instant stablecoin payments, reducing fees and chargeback risks.

Key Facts

  • Coinbase Singapore holds a Major Payment Institution (MPI) license from MAS, allowing it to provide digital payment token and cross-border money transfer services.
  • The platform invites Singapore-based firms for early access, supporting the country’s goal of becoming a leading hub for digital finance.

Background

Coinbase has launched Coinbase Business in Singapore, its first expansion outside the United States. The new platform helps startups and small businesses trade cryptocurrencies and make faster, cheaper payments.

Standard Chartered Bank supports the service, allowing companies to transfer Singapore dollars (SGD) in real time. It also lets businesses make instant payments using stablecoins like USDC and XSGD, which are linked to the US and Singapore dollars. This feature helps reduce international transaction fees and lower the risk of chargebacks.

Coinbase is now inviting Singapore-based firms to apply for early access to the platform. The launch comes after Coinbase took part in the Monetary Authority of Singapore’s (MAS) BLOOM Initiative, which promotes innovation in digital asset settlement and blockchain-based financial systems.

According to MAS, Coinbase Singapore Pte. Ltd. holds a Major Payment Institution (MPI) license that allows it to provide Digital Payment Token (DPT) and Cross-border Money Transfer Services. However, the license does not allow Coinbase to offer Merchant Acquisition or Domestic Money Transfer Services, which may limit its ability to provide all types of payment processing for merchants.

Currently, 36 firms in Singapore hold MPI licenses for digital payment services. Coinbase could stand out in this market if it expands to provide tools that help small businesses accept and manage crypto payments.

By linking with Standard Chartered, Coinbase Business can provide local startups with faster settlements and smoother payment experiences, supporting Singapore’s push to become a leading hub for digital finance.

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