The launch offers a no-fee, self-serve app with approvals for businesses in two days. Coinbase aims to enable businesses to adopt crypto more easily, offering its infrastructure and a solution that combines simplicity, speed, and new features.
According to Coinbase, crypto and stablecoins solve numerous problems faced by startups and SMEs, such as struggling to hire and pay global talent, having to pay credit card fees, interest rates and chargebacks, and being challenged by long settlement times. Crypto can enable businesses with fast, global, and low-cost money movement.
The new platform is designed for businesses’ crypto trading and portfolio management needs. Business owners can buy, sell, and exchange crypto safely directly from their business account. Multi-user access will become available in the upcoming months so that entire teams can manage the account without compromising control over crypto workflows.
Coinbase Business offers instant settlements so SMEs can accept customer payments in crypto and pay vendors, employees, and partners with ease without delays or chargebacks. Businesses can also connect Coinbase to their existing tech stack, utilising integrated APIs, and fund their wallet or cash out revenue directly into their business bank account.
Customers can earn up to 4.1% APY on their USDC. This can make their funds work automatically, enabling users to still have the flexibility to use them and maintain liquidity. The solution also reduces complexity for onboarding through the platform, with no application fee or sales calls, and easy sign-in steps. Based on user feedback, Coinbase is also introducing an accounting reconciliation into its platforms, including Quickbooks and Xero via Cointracker and CryptoTaxCalculator.
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