Utopia Labs Joins Base Network

The stablecoin payment processor Utopia Labs has joined Base, the Layer 2 network from the crypto exchange giant Coinbase.

The Utopia Labs team’s integration into Base will enhance on-chain payments within Coinbase Wallet, as stated by Base and Coinbase Wallet head Jesse Pollack in a Wednesday release.

>"Over the past three years, we’ve focused on accelerating the future of on-chain payments and found perfect alignment with Coinbase's goal to bring low-cost, fast, and global payments to everyone around the world," the Utopia Labs co-founders said in a statement.

In July 2023, Utopia Labs introduced payment infrastructure allowing users to send the stablecoin USDC to any U.S. bank account, provided the bank issued its know-your-business and know-your-customer credentials to the firm, as reported by The Block.

In October, Utopia Labs announced plans to wind down all services by Nov. 6, according to Blockworks. CEO Kaito Cunningham indicated this move was aimed at shifting the company in a new direction rather than an outright closure.