Cryptocurrency exchange Coinbase announced on Thursday (27th) that it has established a partnership with payment company Stripe to increase on-chain adoption and provide faster and cheaper financial infrastructure.
According to a press release, Stripe will incorporate Coinbase’s layer-two network, Base, into its cryptocurrency payment product, allowing customers to transfer USD Coin (USDC) to more than 150 countries through the Base network on the Stripe platform. Stripe will also add USDC from the Base network to its fiat-to-cryptocurrency 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-cryptocurrency exchange functionality to its own cryptocurrency wallet, Coinbase Wallet, as a way for customers to purchase cryptocurrency using credit cards or Apple Pay within the wallet.
In the press release, Coinbase stated that Base, released in February 2023, is developed on Ethereum using the Optimistic Rollup software stack. According to data from DeFiLlama, the total value locked (TVL) in Base is currently $1.568 billion.
Stripe announced in April that it would relaunch cryptocurrency payments this summer and start supporting USD Coin (USDC) transactions. The demonstration by Stripe co-founder John Collison indicated that this payment feature may support Ethereum and Solana blockchains.
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