Key Takeaways
- Coinbase Business has launched in Singapore.
- The launch signals the first international expansion for Coinbase’s business-focused platform.
- Singapore is Coinbase’s primary outpost in a region where rival exchanges are far more entrenched.
Coinbase has launched its business platform in Singapore, expanding the service outside of the U.S. for the first time, the company announced on Wednesday, Nov. 12.
Building on a relationship with Standard Chartered, Coinbase Business is now open to Singapore-based startups and local businesses that require crypto trading and payment services.
What Is Coinbase Business?
Within the crypto exchange’s broader ecosystem of products and services, Coinbase Business sits between the retail-facing exchange and Coinbase Institutional, which targets high-volume players such as hedge funds and asset managers.
Built for startups and small-to-medium-sized enterprises, the platform is pitched as a “crypto operating account.”
A suite of APIs and automation tools empowers businesses to accept and make crypto payments.
For example, users can generate payment links for customers, settle invoices with stablecoins, or implement crypto payroll for global employees.
Expanding Beyond the U.S.
While Coinbase is well-established in the United States, global adoption has been relatively muted, especially in Asia, where heavyweight players like Binance and Bitget are far more entrenched.
For instance, although Coinbase has made a concerted push into the Singapore market, in the three months to Oct. 31, Binance attracted around twice as much traffic to its website.
Nevertheless, the American firm is targeting global expansion outside of its native market.
Coinbase established a foothold in Singapore in 2023, when it initially partnered with Standard Chartered to enable SGD deposits and withdrawals.
After the firm received a key payment license from the local regulator, Country Director Hassan Ahmed said Coinbase is “doubling down on Singapore as one of our go-deep markets.”
“It’s a very important financial hub. It’s sort of an access point to the rest of Asia as well,” he added.
Today, the country stands as Coinbase’s primary outpost in the region. Having suspended operations in Japan, the firm currently lacks the banking partnerships required to integrate local fiat rails.
However, things may be looking up for the exchange.
In October, three years after suspending services in the country, Coinbase relaunched in India.
Not long after that, it invested in the Indian exchange CoinDCX, further strengthening its position.
As it seeks to establish a presence in the region, Singapore serves as an important frontier market for Coinbase.
Success there could lay the groundwork for a wider Asian push.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
