Coinbase and Stripe have forged a partnership to enhance fiat-to-crypto ramps for their respective customer bases, as per an announcement on June 27.
The collaboration introduces support for USD Coin (USDC) on Coinbase, integrating with Stripe’s crypto payouts. This enhancement aims to expedite cross-border remittances and settlements across 150 countries, facilitating swift transactions in fiat equivalents.
Furthermore, USDC will feature prominently in Stripe’s fiat-to-crypto on-ramp, streamlining the process for users transitioning from fiat currencies to digital assets.
Conversely, Coinbase will integrate Stripe’s fiat-to-crypto on-ramp, enabling users to purchase cryptocurrencies via credit cards and Apple Pay through the payment processor.
Stripe’s commitment to cryptocurrencies resurfaced earlier this year, following an announcement by co-founder John Collison at the company’s Sessions conference. Previously, Stripe had been among the first payment processors to offer Bitcoin services in 2014, though it later withdrew support, citing Bitcoin’s inadequacies as a payment method.
In parallel with its renewed crypto focus, Stripe has introduced support for the Avalanche C-Chain, allowing verified users to purchase Avalanche (AVAX) tokens through its fiat-to-crypto onramp.
Meanwhile, Coinbase has taken proactive legal steps amid a challenging regulatory environment in the United States. On June 27, it filed lawsuits against the SEC and FDIC, accusing them of withholding essential materials under the FOIA. These actions were prompted by the SEC’s exclusion of Ether (ETH) from its list of registered securities, a decision that has stirred debate within the industry.
Coinbase has also launched the “Stand with Crypto” political action committee (PAC), which recently garnered 1 million signatures from crypto advocates. This initiative underscores its commitment to advocating for the crypto industry and its participants.
Source: John Collison