Coinbase recently announced that PayPal successfully completed an on-chain invoice payment to EY using its PYUSD stablecoin—another major milestone in the enterprise adoption of stablecoins.
This transaction demonstrates the growing viability of stablecoins as an efficient and transparent payment solution for global businesses.
For over six months, Coinbase has relied on Bitwave to manage their crypto payments, streamlining the process with our comprehensive financial platform.
“In order for us to scale, our leadership said we need the tools and technology to be able to bring this to life. We partnered with Bitwave to help us get there. Now it’s more seamless.”- Roselle Lagunzad, Director of Procure to Pay at Coinbase.
Live at EDAS 2024, Coinbase announced this partnership with Bitwave —a testament to the innovation we’re driving:
At Bitwave, we’re leading this transformative shift in enterprise finance, enabling companies to leverage digital assets for more efficient financial operations. Our platform empowers organizations like Coinbase to adopt on-chain payments seamlessly, improving accuracy, transparency, and overall efficiency in their financial workflows.
How Bitwave Powers Enterprise Crypto Payments
Our platform enables finance teams to seamlessly manage crypto invoices and payments—bringing together all the elements of traditional accounts payable workflows with the benefits of blockchain technology.
“At Bitwave, we see digital assets as a powerful way to transform the unit economics around payments. Traditional payment models are generally based on two dimensions – volume and size. With crypto, those dimensions are no longer a factor, enabling businesses to move money, instantly, for a fraction of the cost,” said Bitwave CEO and Co-Founder, Pat White.
We help businesses initiate and account for stablecoin payments by directly integrating with ERP systems like NetSuite, QuickBooks, and Sage, as well as custodial accounts and crypto wallets.
Here’s how it works:
- Payment Request: When a vendor sends an invoice or payment request, it’s added to the payer’s ERP system. Bitwave recognizes this action and allows enterprises to queue up an on-chain payment while operating with their existing compliance process.
- Customizable Payment Options: In Bitwave, the payer can choose which of their digital asset wallets to use and can follow their standard approval workflow for added control over the entire process.
- Payment Facilitation & Automation: Upon approval, Bitwave integrates with the company’s custodial account (like Coinbase Prime), where the transaction is processed securely on-chain, reducing time and costs.
- Closing the Invoice: After sending the payment, Bitwave automatically syncs the financial transaction details with the ERP system, ensuring full compliance and audit readiness. You can also send remittance advice to the company you're paying. This end-to-end workflow empowers enterprise account payable teams to handle crypto payments as easily as any other outgoing transaction.
One of the key highlights of Bitwave Enterprise Payments is its powerful pricing engine, which calculates accurate and optimal prices for specific products and services. This feature can support any invoice denomination with a flexible, enterprise-grade categorization system and allows automated pricing rules for vendors. All of this can significantly reduce manual workloads for customers.
Bitwave also offers comprehensive support for token-based invoices, including complex tax and reporting treatments such as marking-to-market, over-the-top derivatives, and embedded derivatives. Bitwave Enterprise Payments was co-created to support Coinbase Prime and is now available as a transformative solution for Coinbase Prime customers.
Our platform empowers organizations like Coinbase to adopt on-chain payments seamlessly, improving accuracy, transparency, and overall efficiency in their financial workflows.
Stablecoins: Transforming Enterprise B2B Payments
Stablecoins have key advantages over traditional payment systems.
Near-instant settlement times and 24/7 availability enable businesses to streamline their accounts payable (AP) and accounts receivable (AR) processes. These payments can eliminate the inefficiencies of multi-day settlement windows, reduce operational costs, and provide transparency into transaction details—critical for modern finance teams looking to increase control and reduce friction.
"Utilization is the next step with this industry. There’s definitely vendor demand now–clients and partners are, at least, curious about (crypto payments). It really is the difference of seconds versus days." - Cindy Yan, VP, Source to Pay, Vendor Management and Real Estate Strategy at Coinbase
With Bitwave’s Enterprise Payments solution, businesses can adopt these benefits while staying compliant with accounting standards and regulatory requirements. Our platform offers the enterprise-grade workflows, audit-ready reporting, and security controls necessary to scale digital asset payments across institutions.
Ready to take the next step towards faster, cheaper invoice payments? Book a Bitwave demo now!
Disclaimer: Bitwave does not store, hold, move, transfer, transmit or exchange any currency or digital asset on behalf of others (customers or otherwise) or make payments on behalf of others. Bitwave does not offer digital wallets or have access to private wallet keys of others.
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
