In a move aimed at expanding its global reach, the well-known cryptocurrency exchange Coinbase revealed an important partnership with Stripe to integrate USDC into Base, their suite of cryptocurrency products.
In a statement released on June 28, Coinbase explained that this strategic collaboration with Stripe will facilitate the inclusion of USDC on Base in Stripe’s cryptocurrency payments service. This integration is expected to streamline and reduce the cost of money transfers to more than 150 countries.
Coinbase CEO Brian Armstrong emphasized the significance of this partnership by stating, “We are collaborating with Stripe, a company that processed the equivalent of 1% of the global GDP last year, to bring the advantages of faster and more cost-effective cryptocurrency transactions to millions of businesses worldwide, including Base and USDC.”
The partnership, as per Coinbase, will kick off with three key integrations focused on enhancing onchain adoption and providing faster and more cost-effective financial infrastructure. These integrations include Stripe incorporating USDC on Base into its offering to enable quicker and cheaper cross-border money transfers to over 150 countries. Furthermore, Stripe will integrate USDC on Base into its fiat-to-crypto conversion service to facilitate faster conversion of fiat to cryptocurrency for U.S. customers. Additionally, Coinbase will merge Stripe’s fiat-to-crypto conversion platform into Coinbase Wallet, allowing users to instantly purchase cryptocurrencies using credit cards and Apple Pay.
The addition of Base support will grant Stripe’s extensive global user network access to faster and more cost-efficient money transfers. Recognized for its secure, affordable, and developer-friendly transaction ecosystem, Base has rapidly emerged as the most utilized Layer 2 platform, marking significant progress towards achieving its goal of one-second, sub-penny transactions.
The recent surge in Base platform usage, a Layer 2 innovation supported by Coinbase, is reshaping the decentralized exchange (DEX) landscape. Notably, the number of DEX users on Base witnessed a remarkable 53% surge within a 24-hour period, reaching a new peak of 267,000 active users. This surge propelled Base ahead of Binance Chain, which reported 154,000 active DEX users, according to the latest data from Dune Analytics.
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