Coinbase, the United States leading crypto exchange has announced its strategic collaboration with Stripe, a payment processor. According to the firm, this deal was crafted with a key objective to improve the financial system.
Rebranding Financial Innovation
The exchange revealed that the collaboration will kick off with three essential integrations aimed at boosting on-chain adoption. The first on the list will feature Stripe integrating with Base, Coinbase’s Ethereum layer-2 blockchain.
Coinbase 🤝 Stripe
Coinbase is partnering with @stripe to bring @base‘s faster, cheaper financial infrastructure to millions of businesses around the world.
Here’s what we’re doing ↓ pic.twitter.com/OwNOFqFbFB
— Coinbase 🛡️ (@coinbase) June 27, 2024
The deal will also see the payment protocol support USD Coin (USDC) on Base within its crypto payout products. As Coinabse noted, this will lead to quicker cross-border transfers and settlements in 150 countries.
The exchange has decided to incorporate the payment protocol into the fiat-to-crypto conversion feature on its smart wallet. This will allow users to instantly purchase cryptocurrencies using credit cards and Apple Pay.
Another unique aspect of the collaboration is that developers and creators are open to using Base Buildathon. This will offer the opportunity to explore the utilization of Stripe’s crypto assets features on Base.
Just like Stripe, fashion giant Adidas recently teamed up with Base to launch a digital collectible for the 2024 Summer of Sports. These link-ups are designed to expand the reach of Coinbase.
This Stripe update comes after the leading exchange filed a lawsuit yesterday against the US Securities and Exchange Commission (SEC) and Federal Deposit Insurance Corporation (FDIC) over a failed FOIA request.
Coinbase in Negative Spotlight
Coinbase has been in the spotlight for facing criticism from various regulatory agencies like the SEC and DOJ and users. Part of the latest in this regard features a lawsuit filed by users alleging the sale of crypto securities.
Recently, the exchange featured among the top crypto brands with a reported 416 frauds in its name in over four years.
The partnership with Stripe marks one of the proactive ways to maintain its corporate integrity in the country.
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