In a notable step in the cryptocurrency payment industry, Coinbase exchange has joined forces with Stripe to facilitate USD Coin (USDC) transactions on the Base network.
Coinbase 🤝 Stripe
Coinbase is partnering with @stripe to bring @base‘s faster, cheaper financial infrastructure to millions of businesses around the world.
Here’s what we’re doing ↓ pic.twitter.com/OwNOFqFbFB
— Coinbase 🛡️ (@coinbase) June 27, 2024
The Coinbase layer2 network Base will capitalize on Stripe’s capabilities to enable smooth cryptocurrency transactions.
Base is Coinbase’s layer2 blockchain that boasts a user-friendly environment for developers to build dApps.
Besides catering to Coinbase’s on-chain products, Base is an open-source network for external creators to build on.
According to Coinbase, the collaboration with Stripe aims to bolster on-chain adoption via three crucial features.
Firstly, they will add stablecoin USDC on the Base Network to facilitate Stripe cryptocurrency payment. That will promote smooth global money transfers.
The second step involves launching USDC via Stripe’s fiat-crypto on-ramp. That will enable users to convert traditional currencies into crypto using Base.
Lastly, Coinbase will onboard the payment provider’s on-ramp to allow Stripe users to buy digital assets using Apple or credit cards.
Meanwhile, the collaboration marks a significant milestone in promoting crypto accessibility by the masses.
Coinbase streamlines crypto purchases
With this partnership, the exchange will launch the payment provider’s on-ramp feature on the Coinbase wallet.
That will allow individuals to buy digital tokens seamlessly using Apple Pay or credit cards.
“Coinbase is adding Stripe’s fiat-to-crypto onramp to Coinbase wallet to allow people to buy crypto instantly with credit cards and Apple pay.”
Existing users will enjoy frictional services while new players experience reduced entry barriers.
The instant buy functionality through traditional payment platforms will propel adoption and engagement within the cryptocurrency marketplace.
Meanwhile, the alliance reflects Coinbase’s dedication to enhancing user experience in the digital assets industry.
Reduced transaction hurdles following Stripe’s integration will enable efficient international payments.
That marks a vital step as the crypto sector transitions into an integrated and user-friendly space, which will fuel mainstream adoption.
Coinbase stated that Stripe users will enjoy cheaper and quicker global money transfers.
Stripe’s strides in the crypto market
The Coinbase collaboration comes after Stripe resumed activity in the cryptocurrency payment market after a 6-year off.
Stripe joined the crypto space in 2014 before quitting in 2018 as Bitcoin’s massive volatility rendered crypto viable as a store of wealth and not a payment option.
The fintech company revealed plans to accept USDC payments on Polygon, Solana, and Ethereum networks in April.
Stripe to accept USDC payments on Solana, Ethereum and Polygon. LFG!
— Akshay BD (@akshaybd) April 25, 2024
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