Earlier this week, it was revealed that Coinbase (NASDAQ:COIN) is acquiring team to accelerate onchain payments. This strategic move aligns with a global Fintech trend in the payments sector that’s focused on enabling stablecoin transactions across borders with minimal cost and greater overall efficiency as well as improved security.
Jesse Pollak, the Head of Base and Coinbast Wallet, noted that the Utopia Labs team is joining Base in order to assist with accelerating their onchain payments roadmap within Coinbase Wallet.
According to the announcement, the team brings extensive experience building onchain payments products as well as an established track record of moving the crypto ecosystem forward in a meaningful manner.
This past month, Pollak shared that he is going to be stepping up to lead both Coinbase Wallet and Base.
According to the update shared by Coinbase, there’s a “natural flywheel” here: Base is supporting devs who build onchain apps, those apps attract users onchain, Wallet onboards those users, and in turn “more users incentivizes more developers to build onchain.”
And the faster we spin this flywheel, the easier it “will be to bring more and more people onchain.” the update explained.
In pursuit of this, Pollak is pleased to share that the Utopia Labs team is joining Base to help the onchain payments roadmap move forward within Coinbase Wallet.
The Utopia team claims it has been on the “ground floor” building onchain payments products for years.
They are focused on accelerating their goal of bringing “low-cost, fast, and global payments to everyone around the world.”
Stablecoins amounted to “$8.5 trillion in transaction volume across 1.1 billion transactions Q2 2024, and continuing to improve the user experience will be crucial as stablecoin payments continue to grow.”
Together, they’ll now aim to create a future where individuals and businesses large and small use onchain payments to “make their lives better every day.”
A massive disruption appears to be taking place in the payments space with stablecoins or digital dollars expected to make a major impact. Consumers and businesses are increasingly looking for frictionless and instant methods of sending payments and lower costs. With the rise of Fintechs and high-potential crypto startups, it is increasingly becoming a very competitive market.
This could be an ideal situation for consumers as they’re able to choose from a wide range of payment options that are going to more accessible in the coming years, based on current development trends.
