Coinbase acquires stablecoin payment processor Utopia Labs
Quick Take
- The Utopia Labs team will join Base to bolster onchain payments within Coinbase Wallet.
The stablecoin payment processor Utopia Labs has joined Base, the Layer 2 network from of the crypto exchange giant Coinbase.
The Utopia Labs team joining Base will help bolster onchain payments within Coinbase Wallet, Base and Coinbase Wallet head Jesse Pollack said in a Wednesday release.
"Over the past three years, we’ve focused on accelerating the future of onchain payments, and found perfect alignment with Coinbase's goal to bring low-cost, fast and global payments to everyone around the world," the Utopia Labs co-founders said in a statement.
In July 2023, Utopia Labs unveiled payment infrastructure that lets users send the stablecoin USDC to any bank account in the United States, as long as the bank provided its know-your-business and know-your-customer credentials to the firm, The Block previously reported.
Utopia Labs announced in October that it would wind down all services by Nov. 6, Blockworks reported at the time. The firm's CEO, Kaito Cunningham, stated that the move was to take the company into a new direction rather than shutting it down.
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