Coinbase has launched a business product billed as an "all-in-one financial platform" that will allow small- and medium-sized firms to receive crypto, manage assets, and earn yield on stablecoins.
The company said in a blog post that Coinbase Business which will launch "later this year." It includes instant crypto settlements, multi-user access, and integrations with popular accounting software QuickBooks and Xero. Businesses can also earn up to 4.1% APY on USDC held in their accounts, according to Coinbase.
Coinbase has a major stake in USDC issuer Circle, which went public earlier this year. Through an agreement with Circle, Coinbase gets 50% of all the revenue from interest earned on the cash reserves backing the stablecoin. Because Coinbase is not USDC's issuer, the company can offer incentive programs, like yield on funds held in wallets, to help boost its adoption.
Coinbase also offers up to 4.7% APY on USDC balances held in self-custody using Coinbase Wallet to its non-business customers.
The San Francisco crypto exchange said onboarding for Coinbase Business will be fully self-service, with most applicants approved in as little as two days.
“Startups and small businesses are weighed down by slow payments, high fees, and outdated banking systems,” Sid Coelho-Prabhu, Coinbase’s senior director of product management, said in the announcement. “Coinbase Business brings the speed and global reach of crypto to modern financial operations.”
The platform is promising to streamline everything from payroll to vendor payments. Companies can accept crypto from customers, pay partners, or cash out directly to linked bank accounts. And the platform will also link to crypto tax software like CoinTracker and Crypto Tax Calculator.
The new platform puts Coinbase in competition with fintechs like Mercury and Brex, which offer yield-bearing business accounts, and crypto payment firms such as BitPay and OpenNode. The company is pitching the service as a “crypto operating account,” blending the functions of a bank, exchange, and payment processor.
The product is currently in its alpha phase, with businesses invited to apply for early access. Coinbase says it plans to roll out full availability later in 2025.
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