Coinbase to Launch ‘Crypto Operating Account’ for Small Businesses

Coinbase said Thursday (June 12) that it plans to launch a “crypto operating account” for startups and small businesses later this year.

The Coinbase Business platform will let these users send and receive payments, manage crypto assets and automate financial workflows, the company said in a Thursday blog post.

The company invited businesses to sign up on a waitlist for early access to the Coinbase Business alpha.

“At Coinbase, we’ve spent over a decade building the trusted foundation for the cryptoeconomy to increase economic freedom around the world,” the company said in the post. “Now, we’re bringing that same security, scale and compliance to everyday businesses with Coinbase Business — a modern financial stack built with the speed and scale of crypto.”

Crypto and stablecoins offer “fast, global and low-cost money movement” that solves problems commonly faced by startups and small businesses, such as paying global talent; dealing with credit card fees, interest rates and chargebacks; and facing long settlement cycles, according to the post.

“It’s why one in five small- and medium-sized businesses familiar with stablecoins already use them to streamline their operations,” the post said.

Coinbase Business will allow users to accept customer payments in crypto; pay vendors, employees and partners; trade and manage crypto; and earn rewards on their USDC stablecoins, per the post.

The platform will also provide streamlined accounting reconciliation into platforms like QuickBooks and Xero, according to the post.

“Whether you’re a startup exploring crypto opportunities or a brick-and-mortar business looking to update the system, Coinbase Business is your modern financial comment center,” the post said.

Coinbase CEO Brian Armstrong said in May that after years of regulatory uncertainty around crypto, the company was optimistic that the tide was turning.

“With greater regulatory clarity, we believe crypto rails will update financial infrastructure around the world,” Armstrong said May 8 during the company’s quarterly earnings call.

It was reported in December that luxury brands were showing more interest in allowing cryptocurrency payments as the price of bitcoin reached record highs.

In October, when Stripe began allowing its merchants to accept stablecoin payments for online transactions on its platform, it saw customers from more than 70 countries make purchases with that form of payment.

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