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Coinbase and Stripe have announced a partnership to introduce fiat-to-crypto on-ramps and off-ramps for their customers. The integration revealed on June 27, will enhance accessibility and speed for cross-border transactions.
The new integration will support USD Coin (USDC) on Base as part of Stripe’s crypto payouts. This feature will enable quicker cross-border remittances and settlements of fiat equivalents across 150 countries. USDC will also be available through Stripe’s fiat-to-crypto on-ramp, simplifying the process for customers converting fiat to digital assets. This step marks a significant improvement in the ease of onboarding new users to the crypto space.
Conversely, Coinbase is integrating Stripe’s fiat-to-crypto on-ramp, allowing users to purchase crypto using credit cards and Apple Pay. This collaboration between two major players in the financial and crypto industries aims to streamline the process of buying and selling digital assets.
Earlier this year, Stripe co-founder and president John Collison announced at the company’s Sessions conference that stablecoins and payments would be reintroduced to Stripe. In 2014, Stripe was among the first payment processors to offer Bitcoin services but later discontinued support. Collison explained that Bitcoin was “a pretty terrible payment method” at that time. However, with advancements in technology and the increasing stability of cryptocurrencies, Stripe has now embraced digital assets once again.
This partnership with Coinbase aligns with Stripe’s renewed commitment to integrating stablecoins and enhancing crypto-related services. By leveraging each other’s strengths, Coinbase and Stripe aim to provide a seamless and efficient experience for users navigating the fiat-to-crypto landscape.