One of the major cryptocurrency exchanges in the world, Coinbase, is located in the United States. A wide range of crypto goods and tools are available to both individual investors and businesses, making the process of trading crypto relatively easy online. If you’re an individual user, creating an account is simple. If you’re a business, though, the procedure is more involved. Even so, if you’re going to begin investing in cryptocurrencies as a company, this is an essential step to take. Make sure you know what to expect from the enrollment process in advance so you can be prepared. Consider the features of Coinbase’s business accounts, including what they are, what they provide, and how to join up.
Coinbase Business Account: What Is It?
Simply put, a business account on Coinbase means that the account is registered in the name of a firm, rather than an individual’s. Businesses, like individuals, have the option of signing up for a Coinbase or a Coinbase Pro account. In terms of security, which is critical to know if you’re prioritising safe cryptocurrency investments, both accounts have the same capabilities. Either Coinbase Pro or a free Coinbase account gives you access to the same assets. Coinbase Pro may actually cost less in fees than Coinbase. Because of this, it may be a better option if your company has a substantial quantity of money available for trading. However, understanding the ins and outs of Coinbase Pro might take a bit longer, so bear that in mind.
Coinbase business accounts allow you to trade under the name of your company and use company-linked bank accounts to fund your transactions. Institutional investors are one of the primary beneficiaries of this account type. It allows you to maintain a clear line between your personal and professional lives, which is useful for a variety of reasons, including keeping track of your taxes and other financial matters. In order to accept cryptocurrency as payment for goods and services via the Coinbase Commerce platform, you may additionally require a Coinbase business account. Because of its simple reporting, this will help you track your business’s income in a more efficient manner. To make bitcoin checkouts even easier, you’ll have access to a variety of connectors that you may use on your website.
Signing up for an account with Coinbase for your business
The process of opening a business account on Coinbase is a little more involved than opening a personal account. However, the process is still rather simple. Take a look at a few of the most important milestones along the way. To begin, you’ll have to give details about your business. At a minimum, this includes:
- Entity Identifier
- The country and state where the business was founded
- Operation Location
- The type of business and its description
- Globally, the number of employees managing fund assets
There are a few optional fields as well. The name of your “doing business as” company is one example of this. There are only a handful of fields that you’ll need to fill out at first. You’ll need to pick a product of interest as you proceed. Coinbase Prime, Coinbase Custody, Coinbase Exchange, and Coinbase Analytics are just some of the solutions accessible. Select the ones that are most relevant to your reason for signing up. First and foremost, you must demonstrate that you can fulfil the minimum balance requirements. For the rest, this isn’t essential.
This will be followed by a short description of how you want to utilise the items and a list of the features you intend to use them with. It is preferable to be as specific as possible when writing the description. As a last touch, you’ll include your personal information. An email address that isn’t affiliated with any Coinbase account is required to complete this step. An email address, phone number, and work title are all required. Additional contact information, such as a LinkedIn URL or other social media account data, is also a possibility. These, however, are not mandatory. You’ll have to solve a captcha at this point. You may now press the Submit button. This is only the beginning, though.
Wrap things up with a few further steps. As an example, validating the email address you provided with your contact information is a frequent requirement. In addition, you’ll have to show proof of your company’s ownership and registration documentation. Depending on where you’re registered and doing business, you may be asked to supply more information; nevertheless, you’ll be given specific instructions describing what’s needed. At this point, you’re more likely to be working with a Coinbase representative. Make sure you understand what’s required and submit it correctly with the guidance of these experts! In the meanwhile, you’ll have to wait for your account to be approved. Depending on the amount of information you provide, it may take longer or shorter than you expect.