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Stripe and Coinbase integrate crypto services
Band AND Monetary base have collaborated to expand global cryptocurrency adoption and provide faster, cheaper financial infrastructure.
This collaboration aims to serve businesses and people around the world, Coinbase said on Thursday (June 27). blog post.
With this partnership, Stripe will add USDC on basis at his cryptocurrency payments product, according to the post. This will allow Stripe platforms to make “faster and cheaper” money transfers in more than 150 countries.
Additionally, Stripe will add USDC on Base to its Fiat to Cryptocurrency Rampenabling customers in the US to make faster fiat-to-crypto conversions, the post said.
In a third key integration that is part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto onramp to Coinbase WalletThis integration will allow for instant purchases of cryptocurrencies with credit cards and Apple Pay, according to the post.
“By adding support for Base, Stripe’s vast global network of users will have access to faster, cheaper money transfers,” the post reads. “Base has quickly become the most widely used L2 thanks to its secure, low-cost, and developer-friendly transaction infrastructure as we continue to make strides toward our goal of one second, sub one cent.”
Stripe said in April it would roll back cryptocurrency payments this summer, after having discontinued them in 2018.
The company allowed bitcoin payments 10 years ago but stopped in 2018 John Collisonco-founder of Stripe, saying the experience at the time was “pretty terrible” and Stripe saying there was a lack of demand.
In announcing the return of cryptocurrency payments, Collison said that there have been many technical improvements in cryptocurrencies, that transaction speeds have increased, that fees have decreased, that stablecoins are becoming “more stable” and that cryptocurrencies they found “real use”.
THE adoption of cryptocurrencies as a traditional payment mechanism is a priority for businesses and merchants across all verticals, PYMNTS reported at the time of the announcement.
As for Coinbase, it was reported in May that the company is diversifying its revenue sources digital resource trading matures.
As digital asset price volatility has decreased, cryptocurrency exchange Coinbase has seen a decline in consumer trading volume and the company has been working to diversify.
During the first quarter, Coinbase generated about a third of its sales from sources other than trading fees, such as revenue share on its USDC stablecoin and revenue from its Base blockchain.
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