In short
- Coinbase launches an all-in-one financial platform for small and medium businesses to receive crypto, manage assets and earn up to 4.1% APY on USDC stablecoins.
- The platform includes instant payments, QuickBooks and Xero integrations, and self-service onboarding with approval in just two days.
- Coinbase Business competes with fintechs like Mercury and Brex and crypto payments companies like BitPay, positioning itself as a “crypto-exploitation account.”
Coinbase has launched an enterprise product billed as an “all-in-one financial platform” that allows small and mid-sized businesses to receive crypto, manage assets and earn returns on stablecoins.
The company said in a blog post that Coinbase Business will launch “later this year.” It includes instant crypto settlements, multi-user access, and integrations with popular accounting software QuickBooks and Xero. Businesses can also earn up to 4.1% APY on USDC on their accounts, according to Coinbase.
Coinbase has a major stake in USDC issuer Circle, which went public earlier this year. Through an agreement with Circle, Coinbase will receive 50% of all income from interest on the cash reserves supporting the stablecoin. Because Coinbase is not the issuer of USDC, the company can offer incentive programs, such as returns on funds in wallets, to encourage adoption.
Coinbase also offers up to 4.7% APY on USDC balances held in-house using Coinbase Wallet to its non-business customers.
The San Francisco-based crypto exchange said onboarding for Coinbase Business will be completely self-service, with most applicants approved in just two days.
“Startups and small businesses suffer from slow payments, high fees and outdated banking systems,” Sid Coelho-Prabhu, Coinbase’s senior director of product management, said in the announcement. “Coinbase Business brings the speed and global reach of crypto to modern financial operations.”
The platform promises to streamline everything from payroll to supplier payments. Companies can accept crypto from customers, pay partners or pay out directly to linked bank accounts. And the platform will also link to crypto tax software such as CoinTracker and Crypto Tax Calculator.
The new platform puts Coinbase in competition with fintechs like Mercury and Brex, which offer yield-bearing business accounts, and crypto payments companies like BitPay and OpenNode. The company presents the service as a “crypto-operational account,” combining the functions of a bank, exchange and payment processor.
The product is currently in alpha phase and companies are invited to apply for early access. Coinbase says it plans to roll out full availability later in 2025.
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