Coinbase is set to introduce Coinbase Business, a service tailored for startups and small to medium-sized enterprises (SMEs) to facilitate sending and receiving payments, manage cryptocurrency assets, and automate financial processes. This launch will provide an easy-to-use application with fee-free access and business approval within two days.

New Features Tailored for Businesses

According to Coinbase, crypto and stablecoins address significant challenges faced by startups and SMEs, such as difficulties in hiring global talent, high credit card fees, interest rates, and chargebacks, and long settlement times. Utilizing crypto can enable faster, cheaper, and more efficient cross-border payments.

The platform is designed to meet the crypto trading and portfolio management needs of businesses. Business owners will be able to buy, sell, and exchange cryptocurrencies directly from their business accounts securely. Multi-user access features are scheduled for an upcoming release, allowing teams to manage accounts without compromising control over financial workflows.

Coinbase Business offers instant settlements, enabling SMEs to accept customer payments in crypto and make vendor, employee, and partner payments seamlessly with no delays or chargebacks. Businesses can also integrate Coinbase into their existing technology systems via APIs, fund wallets directly from cash out revenues into business bank accounts.

Customers can earn up to 4.1% Annual Percentage Yield (APY) on USDC, providing flexibility in using funds while maintaining liquidity. The platform streamlines the onboarding process with no application fees or sales calls and a simplified sign-up procedure based on user feedback. Additional features include accounting reconciliation integrations through platforms like Quickbooks and Xero via Cointracker and CryptoTaxCalculator.

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