Coinbase is enhancing its onchain payments capabilities with the acquisition of the Utopia Labs team, which will join Base to advance the onchain payments roadmap within Coinbase Wallet. Jesse Pollak, who is stepping up to lead both Coinbase Wallet and Base, highlighted the synergy between the two platforms, noting that Base supports developers creating onchain applications, which in turn attract users that Coinbase Wallet onboards. The Utopia Labs team brings experience in building onchain payment products, and their expertise will be directed at achieving Coinbase’s goal of providing low-cost, fast, and global payment solutions. With stablecoin transactions reaching $8.5 trillion across 1.1 billion transactions in Q2 2024, improving user experience is essential as the demand for stablecoin payments continues to rise, Pollak explained in the announcement.

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