Leading cryptocurrency exchange Coinbase and popular payment processor Stripe have joined forces to offer enhanced fiat-to-crypto on-ramps and off-ramps.
According to a recent announcement, the collaboration introduces support for USD Coin (USDC) on Coinbase’s Base blockchain as part of Stripe’s crypto payouts. The integration enables faster cross-border remittances and settlements of fiat equivalents across 150 countries worldwide.
USDC will also be available as part of Stripe’s fiat-to-crypto on-ramp, streamlining the process for customers looking to convert fiat currencies into digital assets.
“By adding support for Base, Stripe’s vast global network of users will have access to faster and cheaper money transfers,” Coinbase said in the announcement. “Base has quickly become the most used L2 due to its secure, low-cost, and developer friendly transaction infrastructure, as we continue to make strides towards our one second, sub one cent goal.”
Conversely, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, allowing users of the payment processor to conveniently purchase cryptocurrencies using credit cards and Apple Pay.
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
Stripe Resumes Crypto Payments
Earlier this year, Stripe co-founder and president, John Collison, announced plans to reintroduce stablecoins to its platform. Stripe was one of the first payment processors to offer Bitcoin services in 2014 but later discontinued support for digital currencies due to their limitations as a payment method at the time.
In April, the company announced its decision to, once again, accept cryptocurrency payments after a six-year hiatus. The initial focus is on supporting USDC stablecoins on the Solana, Ethereum, and Polygon blockchains.
Additionally, Stripe introduced support for the Avalanche C-Chain, enabling verified customers to purchase Avalanche tokens using the fiat-to-crypto on-ramp.
Stripe’s move to embrace stablecoins aligns with a broader trend in the payment industry. Multiple payment companies have started adopting stablecoins as a means of facilitating transactions.
Singapore-based payments firm Triple-A, for instance, recently announced plans to integrate PayPal’s stablecoin, PYUSD, into its list of supported tokens for customer payments.
The move will expand the range of payment options available to Triple-A’s clients, which currently include Bitcoin, Ether, and stablecoins issued by Tether and Circle.
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Bitcoin payments app Strike has also made significant strides in its global expansion efforts. Following successful launches in Europe and Africa, Strike has now expanded its operations to the UK, allowing customers to seamlessly buy, sell, and withdraw funds in both Bitcoin and sterling.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
