Coinbase and Stripe Forge Strategic Partnership to Boost Global Crypto Adoption
Coinbase and Stripe have announced a groundbreaking partnership aimed at expanding the global adoption of cryptocurrency and enhancing financial infrastructure. This collaboration introduces three key integrations designed to increase on-chain adoption and provide faster, cheaper financial services worldwide.
First, Stripe is incorporating USDC on Base, Coinbase’s Layer 2 network, into its crypto payouts product. This integration will enable Stripe platforms to facilitate faster and more cost-effective money transfers to over 150 countries. Base, which has quickly become one of the most used Layer 2 solutions due to its secure, low-cost, and developer-friendly infrastructure, will provide Stripe’s vast global network of users with access to improved money transfer capabilities.
Secondly, Stripe is adding USDC on Base to its fiat-to-crypto onramp, allowing U.S. customers to convert fiat to crypto more efficiently than ever before. This move is expected to streamline the process of entering the crypto market for Stripe users.
Lastly, Coinbase is integrating Stripe’s fiat-to-crypto onramp into Coinbase Wallet. This addition will enable users to purchase crypto instantly using credit cards and Apple Pay, further simplifying the onboarding process for new crypto users.
Chuck Mounts, Chief DeFi Officer at Coinbase, emphasized the significance of this partnership, stating, “Crypto is the future of money because it is unrestricted by international borders or banking hours, and reduces both friction and fees for users. These three key integrations lay a strong foundation for Stripe and Coinbase to begin building a better payments future for users around the world.”
This collaboration comes at a time when both companies are making strategic moves in the crypto space. Stripe recently announced plans to reintroduce crypto payments after discontinuing them in 2018, citing technological improvements in the sector. Meanwhile, Coinbase has been diversifying its revenue sources as the digital asset trading market matures.
The partnership between Coinbase and Stripe represents a significant step forward in the mainstream adoption of cryptocurrency. By combining Coinbase’s crypto expertise with Stripe’s extensive payment processing infrastructure, the two companies are poised to make significant strides in creating a more accessible and efficient global financial system.
For developers and builders interested in leveraging these new capabilities, Coinbase has announced that more information about utilizing Stripe’s crypto features on Base will be available through the Base Buildathon.
