Coinbase Teams Up with Stripe for Enhanced Onboarding

Coinbase and Stripe have announced a partnership aimed at establishing fiat-to-crypto on-ramps and off-ramps for their users, as revealed on June 27.

This collaboration enables support for USD Coin (USDC) on Base within Stripe’s crypto payouts, enhancing the speed of cross-border remittances and fiat-equivalent settlements across 150 countries.

Additionally, USDC will be incorporated into Stripe’s fiat-to-crypto on-ramp, simplifying the process for customers converting fiat to cryptocurrencies.

On the other hand, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, allowing Stripe users to purchase cryptocurrencies using credit cards and Apple Pay.

Earlier this year, John Collison, Stripe’s co-founder and president, told attendees at the company’s Sessions conference that stablecoins would soon be reintroduced to Stripe.

Stripe initially offered Bitcoin services in 2014, becoming one of the pioneering payment processors to do so. However, the company later discontinued support for Bitcoin, with Collison citing its inefficiency as a payment method at the time.

Coinciding with Collison’s announcement about Stripe’s renewed focus on crypto, the company also introduced support for the Avalanche C-Chain for verified customers. This integration enables Stripe users to purchase AVAX tokens via the fiat-to-crypto on-ramp.

In recent years, regulatory scrutiny in the United States has hindered crypto innovation, impacting centralised exchanges, digital asset providers, and stablecoins. Stripe, which was previously part of Facebook’s Libra project, had to withdraw due to governmental pressures.

It’s encouraging to see Stripe re-entering the cryptocurrency space.