Coinbase has expanded its “Business” platform beyond the US with its Singapore launch, with Standard Chartered as the banking partner.
Coinbase Business Launches Outside The US For The First Time
As announced in a blog post, cryptocurrency exchange Coinbase has rolled out “Coinbase Business” in Singapore. Coinbase Business is the exchange’s segment geared at startups and small businesses, advertised as an “all-in-one financial platform.”
“In a world that moves at the speed of the internet, traditional finance is simply too slow and too expensive,” said Coinbase. “That’s the problem Coinbase Business is built to solve.” With the service, businesses can trade digital assets directly from their operating accounts and send out cheap global payouts in USDC, among other offerings.
Previously, this service was only available in the US, Coinbase’s home country, but with this launch, it’s making its way to an international market for the first time.
“Singapore has always been a beacon of digital innovation and a crucial financial gateway to Asia,” noted the blog post. “Now, the nation’s dynamic ecosystem of startups and Small-to-Medium Businesses (SMBs) can access a modern, compliant, crypto-native operating account designed to eliminate the friction of traditional finance.”
Coinbase Business’ latest expansion will be supported by Standard Chartered, a major British bank that operates a branch in Singapore. Coinbase already has a banking partnership with Standard Chartered in the region since 2023, with the bank facilitating Singapore dollar transfers for the exchange’s retail users. Now, business customers will receive the same service.
For now, Coinbase Business Singapore is only available to businesses that sign up for early access, with it currently unknown when it will become open to all customers.
Standard Chartered has coincidentally made a separate move in Singapore this week. As reported by Bitcoinist, the financial institution has partnered up with DCS Card Center to provide stablecoin settlements to users of the DeCard credit card in the Southeast Asian nation. This particular collaboration is planned to be expanded into other regions eventually.
Bitcoin Has Witnessed A Rebound During The Past Day
Bitcoin recovered above $107,000 on Monday, but Tuesday brought with it a pullback for the cryptocurrency as its price dropped to a low of around $102,500. With Wednesday, however, winds appear to have changed direction once more as BTC is back at $105,000.
The chart below shows the rollercoaster that the asset’s price has gone through over the last few days.
Looks like the price of the coin has shot up over the last 24 hours | Source: BTCUSDT on TradingView
Though while Bitcoin has rebounded, the majority of the liquidations in the cryptocurrency derivatives market have remained on the long side for the past day, as data from CoinGlass shows.
The liquidations that have occurred in the cryptocurrency derivatives market | Source: CoinGlass
Featured image from Dall-E, CoinGlas.com, chart from TradingView.com
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