Coinbase Partners with Stripe For USDC Support on Layer-2 Network Base

Crypto exchange Coinbase has partnered with payments company Stripe to benefit both their customer bases.

In a June 27 announcement, Coinbase said the partnership aims to boost onchain adoption through three key features. The first involves adding USD Coin support on Base for Stripe’s crypto payouts, enabling swifter international money transfers.

Base — Coinbase’s layer-2 blockchain — positions itself as a user-friendly platform for developers to create decentralized applications (dApps). It caters not only to Coinbase’s own on-chain products but also functions as an open ecosystem for external developers to build on.

Secondly, USDC will also be available through Stripe’s fiat-to-crypto on-ramp, making it easier for users to convert their traditional currency into digital assets on Base. Finally, Coinbase is integrating Stripe’s on-ramp, allowing the payment firm’s users to purchase crypto directly using credit cards or Apple Pay.

Coinbase 🤝 Stripe

Coinbase is partnering with @stripe to bring @base's faster, cheaper financial infrastructure to millions of businesses around the world.

Here’s what we’re doing ↓ pic.twitter.com/OwNOFqFbFB

— Coinbase 🛡️ (@coinbase) June 27, 2024

Coinbase highlighted that Stripe’s user base will benefit from faster and cheaper international money transfers through this partnership. It also said that Base’s developer-friendly infrastructure has solidified its position as a leading layer-2 blockchain.

Stripe Embraces Stablecoins and Layer-2 Solutions

This partnership follows Stripe’s recent re-entry into the crypto payment space after a six-year hiatus. Last month, the firm announced accepting USDC stablecoin payments on Solana, Ethereum, and Polygon blockchains.

After dipping its toes into the cryptocurrency world in 2014 with Bitcoin trials, Stripe ultimately halted its support in 2018. This decision stemmed from Bitcoin’s volatility and its perceived shift from a viable payment method to a store of value, similar to an asset.