Coinbase Unveils “All-in-One Financial Platform” for Businesses for Stablecoin Payments

Coinbase has launched a new business stablecoin payments system, which the firm refers to as an all-in-one financial platform. The new service, Coinbase Business, will enable small and medium-sized enterprises and sellers to receive crypto, use their assets, and yield on a stablecoin.

The New All-In-One Financial Platform for Businesses

In a recent blog post, Coinbase, one of the leading crypto exchanges, has unveiled its latest service aimed at businesses. Billed as an “all-in-one financial platform,” the new service called Coinbase Business will allow businesses to send and receive stablecoin payments in USDC.

Coinbase Business features a range of new tools designed to simplify vendor payments, end chargebacks, and offer seamless API integrations, with the aim of empowering businesses to scale efficiently. 

The tools contained in Coinbase Businesses are designed to make sending and accepting stablecoin payments as easy to move as sending an email. According to the crypto exchange, the new platform, Coinbase Business, will become available “later this year.” 

Features of Coinbase Business

According to the blog post, businesses can use the new service to make global payouts using USDC stablecoin. They can send USDC stablecoin to any on-chain address or directly to an email recipient.

Coinbase has also automated the onboarding process for vendors or contractors without a crypto wallet to make stablecoin payments more seamless. According to the blog post, businesses and vendors receiving USDC payment will get an email link with the option of instantly creating a free account they can use to claim or cash out their funds in local currency.

In addition to instant crypto settlement, Coinbase Business supports multi-user access and can be synced with popular accounting software, QuickBooks and Xero. Because Coinbase integrates CoinTracker into this new service, businesses can adopt crypto payments while staying compliant.

There is an option that businesses can use on the new service to automate payment workflows, triggering on-demand, batch or scheduled disbursements. A business can create a shareable link, requesting a particular amount in USDC, instead of using a card processor or a bank gateway. 

Customers tap and make payments with an approved wallet, and the payment takes less than one second to finalize. No network charges, no chargebacks or wait time. In addition, Businesses using the new platform will be able to earn up to 4.1% APY on USDC held in their accounts. Businesses can cash out their rewards on demand to a linked business bank account via Wire or ACH.

As Coinbase looks to further the adoption of stablecoins, it has worked closely with Circle, the issuer of USDC, the second-largest stablecoin. This is because Coinbase shares the yield earned from the USDC stablecoin on a 50/50 basis. 

Coinbase is Betting Big on the Future of Payments

The release marks the initial step in the development of Coinbase in merchant services. The post stated that the company will integrate Coinbase Commerce, its crypto checkout product, into Coinbase Business in the next few months. 

The merger will bring together the capabilities of the two products, such as full custody, instant cash-outs, API integrations, and the infrastructure needed to support enterprise-scale finance. Coinbase is betting that the future of money will be instant, interoperable, and programmable, and that businesses will adopt crypto, not because it is fashionable, but because it is cheaper and faster.