Coinbase (NASDAQ:COIN) has revealed a partnership with global e-commerce enabler Stripe. According to a blog post on Coinbase, Stripe will now support Base – a level II Ethereum-based network incubated by Coinbase and open source.
Coinbase describes Base as their “all in” commitment to onchain, declaring it the most important builder platform since the advent of the internet.
“We believe that the onchain platform should be open source, free to use, and globally available. And we believe that in order to make it really work, we need all hands on deck, working together to scale in a secure, safe, easy-to-use way.”
Stripe is pretty huge and ubiquitous when it comes to digital transactions. Hypothetically, millions of merchants will be able to access the benefits of digital asset transfers.
Coinbase states:
- Stripe is adding USDC on Base to its crypto payouts product to enable Stripe platforms to make faster, cheaper money transfers to over 150 countries.
- Stripe is also adding USDC on Base to its fiat-to-crypto onramp to enable customers in the US to convert fiat to crypto faster than ever.
- Coinbase is adding Stripe’s fiat-to-crypto onramp to Coinbase Wallet to allow people to buy crypto instantly with credit cards and Apple Pay.
USDC is the popular dollar-based stablecoin issued by Circle.
The goal is cheaper and faster transactions—effectively, the new shiny of payments and transfer rails. Coinbase calls it the future of money as it is unhindered by geography and nearly frictionless. That is unless regulators get in the way, but so far, it looks like a straight path with maybe a couple of policy bumps along the way.
The collaboration is said to be the “foundation for Stripe and Coinbase to begin building a better payments future for users around the world.”
