Coinbase has highlighted the benefits of stablecoins for business-to-business (B2B) payments, emphasizing their instant settlement capabilities and cost-effectiveness, especially for cross-border transactions.
In a recent blog post, Coinbase noted how top brands are recognizing the advantages of these digital currencies, with PayPal being one of the latest to utilize stablecoins for invoice payments.
PayPal & Google Cloud Partner to Leverage B2B Payments
Notable progress was made when PayPal used PayPal USD to pay EY invoices. PYUSD was then placed into EY’s Coinbase Prime account. SAP’s Digital Currency Hub enabled this transaction, integrating PayPal’s main ERP system for efficient execution.
With this accomplishment, EY joins the ranks of other well-known businesses, such as Google Cloud, that use Coinbase Prime to securely process and accept cryptocurrency payments.
According to Coinbase’s Director of Institutional Sales, Steven Capozza, more Fortune 500 firms are investigating cryptocurrency payment solutions as they go from proof-of-concept stages to full acceptance.
Stablecoins, according to Capozza, are beneficial for businesses and their suppliers since they allow for instantaneous settlement, cross-border transactions, and the possibility of holding rewards.
Why is B2B Payment Space Important?
Steve Everett of PayPal added his voice as well, stating that innovation is welcome in the B2B payments space. He explained that customary terms such as “net-30” for invoice payments can hinder business operations and cash flow.
On the other hand, real-time settlement, almost instantaneous fund transfers, and 24/7 payments are made possible by digital currencies, especially stablecoins, which help firms streamline their financial processes.
As financial markets shift to round-the-clock availability, Richard Widmann, Head of Web3 Strategy at Google Cloud, emphasised the growing need for instantaneous digital payments. He emphasised that Google Cloud is committed to providing users with more payment options and that their collaboration with Coinbase makes it easier to investigate cutting-edge ideas like stablecoin payments.
Coinbase Wallet Gets a New Head
In a related development, Jesse Pollak, creator of the Layer 2 blockchain Base, has been appointed to lead the Coinbase team responsible for the exchange’s wallet. Since its launch in 2017, Coinbase’s self-custody wallet has gained significant traction, climbing the ranks of free finance apps in Apple’s App Store from number 99 in September to number 79 in October.
This partnership highlights how useful enterprise-grade cryptocurrency payments are becoming. Coinbase has a strong 12-year track record of securely managing cryptocurrency assets and strives to modernise the financial system.