Coinbase And Stripe Team Up On Crypto Payments

Coinbase and payment firm Stripe have announced a new partnership to integrate their services and streamline crypto transactions.

According to a Coinbase release, Stripe will incorporate Coinbase’s Layer 2 network, Base, into its crypto payout products. Additionally, Coinbase will add Stripe as an option for customers to buy crypto using credit cards or Apple Pay within the Coinbase Wallet.

The partnership will enable Coinbase customers to use the stablecoin USDC via Base on Stripe to facilitate fiat-to-crypto conversions and streamline money transfers to over 150 countries. “Crypto is the future of money because it is unrestricted by international borders or banking hours and reduces both friction and fees for users,” Coinbase stated. “These three key integrations lay a strong foundation for Stripe and Coinbase to begin building a better payments future for users around the world.”

Base, which launched its mainnet to the public on August 9, 2023, maintains $1.57 billion in total value locked. The new integration will provide fiat-to-crypto on-ramps and off-ramps for customers of both platforms, and ease cross-border remittances and settlements of fiat equivalents across 150 sovereign countries.

Stripe’s integration of USDC on Base will support its crypto payouts, allowing faster and more efficient transactions. Furthermore, USDC will be available as part of Stripe’s fiat-to-crypto on-ramp, simplifying the onboarding process for customers converting fiat to digital assets. Conversely, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, allowing users to purchase crypto with credit cards and Apple Pay.

Earlier this year, Stripe co-founder and president John Collison announced at the company’s Sessions conference that stablecoins were making a return to Stripe. Stripe was one of the first payment processors to offer Bitcoin services in 2014 but later removed support due to Bitcoin being “a pretty terrible payment method” at that time. The recent integration also introduced support for the Avalanche C-Chain, allowing Stripe users to purchase AVAX tokens using the fiat-to-crypto on-ramp.

Coinbase filed lawsuits against the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC), alleging that the agencies failed to provide necessary materials under the Freedom of Information Act (FOIA). The lawsuit centers on the SEC’s decision to exclude Ether (ETH) from cryptocurrencies it deemed unregistered securities, unlike Ripple’s XRP, and the deliberation process behind that determination.

Additionally, Coinbase launched the “Stand with Crypto” political action committee (PAC) in the United States, advocating for the industry and market participants. In June, the PAC announced it had attained 1 million signatures from crypto advocates.

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