Cryptocurrency exchange Coinbase announced on Thursday (27th) that it has formed a partnership with payment company Stripe to increase adoption on the blockchain and provide faster and cheaper financial infrastructure.
According to a press release, Stripe will integrate Coinbase’s Layer 2 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 Base network’s USDC to its fiat-to-cryptocurrency conversion pipeline, enabling US customers to convert fiat currency into cryptocurrency faster than before.
Coinbase, on the other hand, will add Stripe’s fiat-to-cryptocurrency conversion feature to its own cryptocurrency wallet, Coinbase Wallet, as a way for customers to purchase cryptocurrencies using credit cards or Apple Pay within the wallet.
According to the press release by Coinbase, Base was developed on the Ethereum blockchain using the Optimistic Rollup technology stack, which was released in February 2023. According to data from DeFiLlama, Base currently has a total value locked (TVL) of 1.568 billion USD.
Stripe previously announced in April that it will relaunch cryptocurrency payments this summer and start supporting 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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