Cryptocurrency exchange Coinbase is expanding payment options for businesses.
PayPal paid the invoice to EY using PayPal USD (PYUSD) stablecoin deposited into EY’s Coinbase Prime account, according to a Thursday (October 3) news release.
According to the platform’s website, Coinbase Prime is a brokerage platform that facilitates trading, storage, and prime services.
“A growing number of Fortune 500 companies are approaching Coinbase to explore crypto payments,” Steven Capozza, Coinbase director of institutional sales, said in a release. “Many companies are rapidly moving from proof-of-concept exploration to full implementation.”
According to the release, stablecoins can be settled instantly across borders, making B2B payments and financial management faster, cheaper and more efficient. It can also provide benefits to holders and facilitate workflow for businesses and their vendors.
Like EY, Google Cloud and other companies also use Coinbase Prime to accept and store cryptocurrency payments, the release said.
“Requiring terms like ‘net 30’ to pay your invoices can limit cash flow and negatively impact business operations,” Steve Everett, PayPal’s director of market development, said in a release. . “Digital currencies like stablecoins allow businesses to put their funds to work faster because payments can be made 24/7, funds are transferred almost instantly, and are settled in near real-time. It will be.”
This news comes a month after Coinbase reported the first-ever cryptocurrency transaction between two artificially intelligent agents.
Coinbase CEO Brian Armstrong said in a post on social platform It can trade with humans, merchants, and other AIs.” These transactions are instant, global, and free of charge.
He said the transaction would be an “important step” in allowing AI to perform useful work, but that AI could not do such work because it could not trade to acquire resources. said.
The CEO invited companies working on AI or large-scale language models that could benefit from having an integrated cryptocurrency wallet to make payments to integrate with Coinbase’s wallet.
“If you’re a business that sells services, get ready to make your shopping cart AI checkout-enabled,” Armstrong said.
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