TrueLayer To Power Coinbase’s Open Banking Payments

In order to allow UK consumers to top up their accounts via their mobile banking app, TrueLayer has partnered with Coinbase.

As the open-banking startup considers adding a stablecoin product to its crypto-focused service, this is a part of a larger push into digital assets.

UK users will be able to directly link their bank accounts to Coinbase through this partnership, authenticate using a banking app, and then confirm payment. This will gradually be implemented throughout Europe in the upcoming months.

Francesco Simoneschi, CEO and co-founder of TrueLayer, stated:

“Payment methods like cards and manual bank transfer don’t support an efficient fiat to crypto on-ramp. That creates a poor user experience and unnecessary operational overheads for exchanges.

Unencumbered by legacy, open banking payments powered by TrueLayer are digitally native, delivering a faster, more convenient way to pay that is better at protecting against fraud, and less costly for businesses.”

Two months have passed since TrueLayer’s open-source provider reduced 10% of its workforce due to challenging market conditions that have affected many fintechs in the industry.

As a result of FTX‘s recent bankruptcy, which has had an effect on many connected exchanges and crypto organizations, there has also been a significant crypto market crash.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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