Stripe and Coinbase Partner to Expand the Global Adoption of Cryptocurrency and Provide Faster, Cheaper Financial Infrastructure

This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post.

Payments giant Stripe and major cryptocurrency exchange Coinbase are working together to make cryptocurrency more widely used around the world and to build faster and less expensive financial infrastructure.

Coinbase said in a blog post on Thursday (June 27) that this partnership will help businesses and people all over the world.

According to the post, Stripe will now offer USDC on Base as part of its crypto payouts product. This will allow Stripe platforms to send money to more than 150 countries "faster and cheaper."

Stripe will also add USDC on Base to its fiat-to-crypto onramp, allowing U.S. customers to convert fiat to crypto more quickly, the post said.

Coinbase will add Stripe's fiat-to-crypto onramp to Coinbase Wallet in a third key integration, according to the post. This integration will allow users to buy crypto right away with credit cards and Apple Pay.

“By adding support for Base, Stripe’s vast global network of users will have access to faster and cheaper money transfers,” the post said. “Base has quickly become the most used L2 due to its secure, low-cost and developer-friendly transaction infrastructure, as we continue to make strides towards our one second, sub one cent goal.”

Stripe said in April that it would start offering crypto payments again this summer after stopping them in 2018.

The company started taking bitcoin payments 10 years ago, but stopped in 2018. At the time, John Collison, who co-founded Stripe, said that the experience was "pretty terrible" and that Stripe said that there wasn't enough demand.

Collison said that when he announced that crypto payments would be coming back, he mentioned that there had been a lot of technical advances in crypto, that transactions were now faster, that fees had gone down, that stablecoins were getting "more stable," and that crypto had found "real utility."

PYMNTS said at the time of the announcement that the adoption of crypto as a mainstream payment method was a top priority for businesses and merchants in various industries.

As for Coinbase, it was reported in May that the company is diversifying its revenue streams as the market for digital assets matures.

CoinBase's crypto exchange has seen a drop in consumer trading volume as the price volatility in digital assets has decreased, and the company has tried to diversify its revenue streams.

During the first quarter, about a third of Coinbase's sales came from things other than trading fees, like revenue sharing on the USDC stablecoin and revenue from its Base blockchain.

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