- Coinbase Business announced the development on October 16
- The features aim to allow businesses to initiate instant USDC transfers internationally at low fees
- Coinbase is essentially looking to let its business clients automate their cross-border payments
The Coinbase Business platform has been loaded up with two new payment features that, the exchange vouches, makes large-scale business settlements more efficient. These payment tools will essentially allow business owners to initiate instant USDC transfers internationally at low fees and no chargebacks.
The official X handle of Coinbase Business announced the development on Thursday, October 16. Coinbase CEO Brian Armstrong weighed-in on the announcement, highlighting that businesses will now be able to request USDC payments simply through a link, QR code, or an embedded button . This feature is named the “Payment Link”.
The other feature, called “golden payouts”, will essentially enable businesses to send USDC to any onchain address or email address. Receivers using the Base network will be exempting from any gas fee. On-platform balances or a connected bank account are viable options to fund these payouts.
“Seamless contact management makes it easy to save vendor details, reducing the risk of errors and simplifying repeat payments. If your recipient doesn’t have a crypto wallet, they can receive the payment via email, create a Coinbase account for free to claim their funds, and easily cash out in their local market,” the U.S.-headquartered platform said in its announcement post.
Coinbase is essentially looking to let its business clients automate their cross-border payment actions towards vendors and contractors with the option to schedule the initiations.
The features come with multi-wallet support, letting users of MetaMask and Phantom among others to avail them.
“USDC balances held in Coinbase Business earn a competitive 4.1 percent APY, and can be cashed out on demand to a linked business bank account via Wire or ACH. All transactions can be synced with QuickBooks or Xero through our accounting integrations with CoinTracker,” the exchange explained.
In the coming weeks, Coinbase Commerce and Coinbase Business will be merged as the exchange looks to keep simplifying crypto payment solutions for merchants.
