Coinbase and payment processor Stripe form a partnership for onboarding
Coinbase and Stripe have partnered to bring fiat-to-crypto on-ramps and off-ramps to customers of both platforms, according to a June 27 announcement.
The new integration introduces support for USD Coin (USDC) as part of Stripe's crypto payments, allowing faster cross-border payments and fiat peer settlements in 150 sovereign countries.
USDC is also part of Stripe's fiat-to-crypto on-ramp, facilitating a smooth onboarding process for customers converting fiat to digital assets.
Conversely, Coinbase is integrating Stripe's fiat-to-crypto on-ramp so that payment processor users can buy crypto with credit cards and Apple Pay.
The strip does well on previous plans
Earlier this year, Stripe founder and president John Collison promised stablecoins would return to Stripe at the company's Sessions conference.
Related: Coinbase Sponsors WNBA Cup, Treats Fans to Women's Sports Pubs
Stripe was one of the first payment processors to offer Bitcoin (BTC) services in 2014, but later removed support for the digital currency. Collison explained that the decision was made because Bitcoin was “a terrible payment method” at the time.
When Collison announced Stripe's plans to return to crypto, he introduced support for Avalanche C-Chain to verified Stripe customers. This integration allowed Stripe users to purchase AVAX (AVAX) tokens using the fiat-to-crypto onramp.
Coinbase goes on the offensive
The policy landscape in the United States has stifled crypto innovation over the past several years, with centralized exchanges, digital asset providers, and stablecoins under the scrutiny of regulators. Streep was once involved in Facebook's Libra project and was forced to withdraw from the project under pressure from government officials.
On June 27, Coinbase filed a lawsuit against both the Securities and Exchange Commission (SEC) and the Federal Trust and Deposit Corporation (FDIC), alleging that the government agencies failed to provide necessary materials under the Freedom of Information Act (FOIA).
At the center of the lawsuit was the SEC's decision to exclude ether (ETH) from cryptocurrencies — like Ripple's XRP (XRP) — and the deliberative process the regulator used to make that decision.
The exchange has launched a political action committee (PAC) “Stand with Crypto” in the United States for the industry and market participants' advocacy group. In June, the PAC announced it had received 1 million signatures from crypto advocates.
Magazine: Pro-XRP Advocate John Deaton '10x more to BTC, 4x more to ETH': Flame Hall.
