Coinbase partners with Payment Processor Stripe to Support USDC on Base
U.S. crypto exchange Coinbase and payment processor Stripe have partnered to add support for Layer 2 Network Base to their current product suite.
Coinbase 🤝 Stripe
— Coinbase 🛡️ (@coinbase) June 27, 2024
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
An announcement made on June 27 by Coinbase states that the partnership will allow transfers of USDC stablecoins on Base, the cryptocurrency exchange's blockchain project intended to serve as the hub for its growth into decentralized finance.
Stripe is integrating USDC on Base into its fiat-to-crypto on-ramp, which is then integrated into the Coinbase Wallet. Users on both platforms will be able to purchase USDC instantly with credit cards and Apple Pay thanks to this feature, Coinbase wrote in a statement. Coinbase customers will be able to use the stablecoin USDC via Base on Stripe to expedite fiat-to-crypto conversions and enable money transfers to more than 150 countries.
In the announcement, Base's creator, Jesse Pollak, stated, "Crypto is the money of the future because it reduces both fees and friction for users and is not constrained by international borders or banking hours. Stripe's vast global user base will have access to faster and cheaper money transfers as a result of the addition of support for Base. With the help of these three key integrations, Stripe and Coinbase can start creating a better payment future for customers all over the world."
Stripe, which was among the first payment companies to accept bitcoin payments in 2014, discontinued the service four years later, citing growing transaction times and failure rates as the reasons it had "become less useful for payments."
At the company's Sessions conference earlier this year, co-founder and president of Stripe John Collison assured attendees that stablecoins would return to Stripe. In April, Stripe enabled support for businesses using its platform to accept payments from customers using stablecoins.
At the time of writing, Base Network is the second-largest layer 2 network, having accumulated over $7 billion in total value locked (TVL) since its public mainnet launch in August 2023.
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