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Gungun Bhatia
Nov 17, 2022
by Gungun Bhatia

TrueLayer to Support Coinbase Payments and Focus on Stablecoins

TrueLayer Coinbase

Table of contents

  1. TrueLayer and Coinbase Collaboration
  2. Use of Apple Pay and Credit Cards
TrueLayer, a fintech startup, has partnered with Coinbase to make it possible for UK customers to top off their accounts through their mobile banking application. The open-banking business plans to add a stablecoin product to its cryptocurrency-focused service as a component of a major push into digital assets.

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.

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TrueLayer to Support Coinbase Payments and Focus on Stablecoins
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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