TrueLayer to Support Coinbase Payments and Focus on Stablecoins
TrueLayer and Coinbase Collaboration
By enabling account-to-account transactions, open banking is considered a threat to current card-based payment solutions. Cryptocurrency's primary use case has been to make it simple to send money from fiat to digital currencies. Users in the UK will have access to Coinbase's direct bank account links, banking application authentication, and payment confirmation owing to this cooperation. In the upcoming months, this will be gradually implemented throughout Europe.
Use of Apple Pay and Credit Cards
According to the company's creator Francesco Simoneschi, every business that deals with processing cryptocurrency assets must pay a significant surcharge to card networks. He further stated that it's affordable for retailers. In addition, according to Simoneschi, based on the quantity, transaction fees for customers are about one-fifth of what they would be for using Apple Pay or credit cards.
However, considering FTX's continuing issues following its file for Chapter 11 bankruptcy protection on Friday, this alliance occurs when centralized exchanges are under examination. He acknowledged that at one point, TrueLayer had negotiations with FTX but stated that FTX is no longer an active client.
