Payment processing platform Stripe has partnered with Coinbase to increase onchain adoption and provide faster, cheaper financial infrastructure.
As per the agreement, Stripe has integrated USDC on Base into its crypto payouts product, allowing Stripe platforms to facilitate faster and cheaper money transfers to over 150 countries.
Additionally, Stripe is also adding USDC on Base to its fiat-to-crypto onramp, enabling customers to convert fiat currency to crypto more efficiently.
Furthermore, the deal also sees Coinbase integrating Stripe’s fiat-to-crypto onramp into Coinbase Wallet, enabling users to purchase crypto instantly using credit cards and Apple Pay.
Launched by Coinbase, Base is a Layer 2 solution built on Ethereum. It aims to enhance scalability and reduce transaction costs by processing transactions off-chain and then settling them on the Ethereum mainnet.
By incorporating Base, Stripe enhances its global network with faster and more cost-effective money transfer capabilities, marking a significant stride towards achieving its goal of executing transactions in under one second and at a cost of less than 1% per transaction.
This deal further cements Stripe’s commitment to crypto after the company moved away from crypto payments back in 2014. In April, Stripe President, John Collison, welcomed crypto payments back to the platform, allowing merchants to make transactions using stablecoins.
