Coinbase, a cryptocurrency exchange, announced a partnership with payment company Stripe on Thursday (27th) to increase adoption on the blockchain and provide faster and cheaper financial infrastructure. According to a press release, Stripe will integrate Coinbase’s second-layer network, Base, into its cryptocurrency payment product, allowing customers to transfer USD Coin (USDC) to over 150 countries through the Base network on the Stripe platform. Stripe will also add USDC on the Base network to its fiat-to-crypto exchange channels, enabling US customers to convert fiat currency to cryptocurrency faster than before.
Coinbase, on the other hand, will add Stripe’s fiat-to-crypto exchange function to its own cryptocurrency wallet, Coinbase Wallet, as a way for customers to purchase cryptocurrency using credit cards or Apple Pay within the wallet. According to the press release, Base, which was developed on Ethereum using the Optimistic Rollup software stack, was launched in February 2023. According to DeFiLlama’s data, the total value locked (TVL) in Base is currently $1.568 billion.
Stripe previously announced in April that it would restart cryptocurrency payments this summer and begin supporting USDC transactions. The payment feature may support Ethereum and Solana blockchains, according to a demonstration by Stripe co-founder John Collison.
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