Coinbase and Stripe Join Forces to Bring Base to Millions of Businesses

Coinbase, a leading cryptocurrency exchange platform, has announced a new partnership with Stripe, a global payment processor, to bring Base, Coinbase's layer-2 blockchain, to millions of businesses worldwide. This collaboration aims to enhance the financial system by providing faster, cheaper, and more accessible financial infrastructure.

Key Features of the Partnership

• USDC Support on Base for Crypto Payouts: Stripe will integrate USD Coin (USDC), a stablecoin pegged to the US dollar, on Base for its crypto payouts product. This will enable Stripe platforms to make faster and cheaper money transfers to over 150 countries.
• USDC Support on Base for Fiat-to-Crypto On-Ramp: Stripe will also add USDC on Base to its fiat-to-crypto on-ramp, making it easier for users in the US to convert their traditional currency into digital assets on Base.
• Integration of Stripe's On-Ramp into Coinbase Wallet: Coinbase will integrate Stripe's on-ramp, allowing Stripe users to purchase crypto directly using credit cards or Apple Pay.

Benefits for Businesses and Users

This partnership is expected to bring several benefits to both businesses and users:

• Faster and Cheaper Money Transfers: The integration of USDC on Base for crypto payouts will enable faster and cheaper international money transfers.
• Easier Access to Crypto: The addition of USDC on Base to Stripe's fiat-to-crypto on-ramp will make it easier for users to access crypto.
• Simplified Crypto Purchases: The integration of Stripe's on-ramp into Coinbase Wallet will simplify the process of purchasing crypto.

Boosting Onchain Adoption

The collaboration between Coinbase and Stripe is seen as a significant step towards boosting onchain adoption of cryptocurrencies. By integrating USDC on Base, Stripe is making it easier for businesses and users to use crypto for payments and other financial transactions. This could lead to increased adoption of crypto and the development of new use cases.

The Future of the Partnership

Coinbase and Stripe are committed to working together to bring the benefits of crypto to millions of businesses and people around the world. They plan to continue exploring new ways to integrate their products and services to make it easier for businesses and users to access and use crypto. 

June 2024, Cryptoniteuae