Utopia joins Basechain to accelerate on-chain payments within the Coinbase wallet.

The stablecoin payment processor Utopia Labs team has officially joined Coinbase's L2 chain Base, which will help enhance on-chain payments within the Coinbase wallet.

Utopia Labs was founded in 2021 and is a company dedicated to blockchain and cryptocurrency payment solutions. Utopia Labs has developed an operating system designed for decentralized autonomous organizations (DAOs) to manage payment requests and salaries. The platform emphasizes the use of stablecoins for payments, making cross-border transactions more convenient and cost-effective. Users can automate invoicing and expenses through the platform, automatically generating transactions and reports to ensure transparency.

In a press release, Jesse Pollack, the head of Base and Coinbase Wallet, announced that the Utopia Labs team has officially joined Base to help accelerate the on-chain payments roadmap within the Coinbase Wallet. The team brings extensive experience in building on-chain payment products and a track record of advancing the crypto ecosystem.

Pollack stated that this will create a natural and rapid flywheel effect: Base supports developers in building on-chain applications, which attract on-chain users. The wallet then attracts these users, in turn incentivizing more developers to create on-chain applications. By the second quarter of 2024, stablecoin trading volume reached $8.5 trillion with 1.1 billion transactions. As stablecoin payments continue to grow, improving user experience remains crucial.

The addition of the Utopia team will accelerate Coinbase's goal of providing low-cost, fast global payments for everyone worldwide. Together, we will create a future where individuals and businesses of all sizes can use on-chain payments to make their lives better.