In a significant move for the cryptocurrency world, leading digital asset exchange Coinbase Global Inc. (NASDAQ:COIN) and payment processing giant Stripe have unveiled a strategic alliance aimed at enhancing cryptocurrency payment solutions.

What Happened: As part of the partnership, Stripe will incorporate Coinbase's Layer 2 network, Base, into its cryptocurrency payout products, according to a press release Thursday. Simultaneously, Coinbase will integrate Stripe as a payment method, enabling customers to buy cryptocurrencies using credit cards or Apple Pay within the Coinbase Wallet.

Stripe users will be able to use stablecoin USD Coin (CRYPTO: USDC) via Base, allowing for speedier cross-border transactions to over 150 countries. Furthermore, the interface would allow U.S. consumers to easily convert their fiat money to cryptocurrency.

Coinbase underscored the importance of this collaboration, stating, "These three key integrations lay a strong foundation for Stripe and Coinbase to begin building a better payment future for users around the world."

Why It Matters: This partnership comes two months after Stripe's re-entry into the cryptocurrency space, with a focus on stablecoins for online transactions. Stripe's co-founder, John Collison, cited faster transaction speeds and lower fees as reasons for their renewed interest in crypto.

Meanwhile, in a major legal confrontation, Coinbase sued the SEC and the Federal Deposit Insurance Corporation, accusing them of trying to stifle the cryptocurrency industry's access to the banking sector.

Price Action: Shares of Coinbase closed 4.39% higher at $224 during Thursday's regular session, according to data from Benzinga Pro.

Photo by Below the Sky on Shutterstock

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.