Payments technology company Marqeta is expanding its partnership with Coinbase to support stablecoin payment cards, The Block reported on Oct. 16.
The service will allow companies to issue cards that are funded by customers’ stablecoins, the report said. Fees, the launch schedule and the first stablecoins to be supported were not disclosed.
Under the partnership, Coinbase will custody stablecoins and handle conversion between digital currencies and traditional currencies. Marqeta will be responsible for card issuance and payment processing. Coinbase blockchain Base will provide the onchain settlement infrastructure.
The service will be available to Marqeta’s corporate customers. Marqeta customers include both crypto and traditional companies. Cardholders will be able to pay with stablecoins at millions of merchants that accept the card.
The two companies said firms issuing the cards will be able to top up funds for card payments at any time.
Alec Lovett (알렉 러벳), head of Coinbase infrastructure product, said, "We will provide real-time transactions worldwide by combining Coinbase’s stablecoin payments network with Marqeta’s card issuance and payment processing capabilities."
Chi-gyu Hwang (황치규)
delight@d-today.co.kr