Coinbase & Stripe Team Up for Seamless Onboarding

Sahana Kiran
Source – New York Times

The cryptocurrency industry is more than just a market full of coins. Several platforms have been expanding and exploring ways to digitize finance completely. In an attempt to do the same, cryptocurrency exchange Coinbase partnered with Stripe, a prominent payment firm. The companies hope to provide fiat-to-crypto on-ramps and off-ramps for clients through this collaboration.

Stripe will specifically use Base, Coinbase’s Layer 2 network, for its cryptocurrency payouts. This will enable the companies to handle cross-border remittances and fiat payments across 150 sovereign nations more quickly. Coinbase further said,

“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.”

In addition, USDC will be made accessible through Stripe’s fiat-to-crypto on-ramp, simplifying the process for customers to exchange fiat money for digital assets on Base.

According to a Coinbase announcement, Coinbase will integrate Stripe to allow its users to purchase cryptocurrency inside the Coinbase Wallet using credit cards or Apple Pay.

Also Read: Coinbase Sues the SEC And FDIC

Stripe Going All in on Crypto

In 2014, Stripe was among the first payment processors to provide services for Bitcoin. But the company eventually stopped supporting the king coin. John Collison, the president and co-founder of Stripe, stated earlier this year that the choice was made because, at the time, Bitcoin was considered to be “a pretty terrible payment method.”

But Stripe’s recent re-entry into the cryptocurrency payment market followed a six-year break before its most recent deal with Coinbase. The company declared last month that it will accept payments using USDC stablecoins on the Polygon, Ethereum, and Solana blockchains.

Also Read: President Joe Biden Could Accept Crypto Donations Via Coinbase