Stripe Gets Back Into Crypto



Key Takeaways

Stripe announced today its support for a variety of crypto businesses.
Relevant crypto businesses include exchanges, fiat on-ramps, wallets, and NFT marketplaces.
A primary goal of the firm seems to be helping businesses maintain compliance.

Share this article

Stripe announced today the addition of many crypto features to support crypto businesses. These include crypto exchanges, fiat on-ramps, wallets, and non-fungible token marketplaces. 

Stripe Supports Crypto

The $95 billion, privately-owned payments giant has re-entered crypto. 

The co-founder of Stripe, John Collison, wrote in a tweet that “Stripe now supports crypto business: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more.” 

The company lists many of the new solutions it now provides for the blockchain industry, and it encouraged Web3 builders to tell the company more about what they are working on so that it could provide more tools and better understand needs. 

The payments firm will facilitate crypto exchanges and onramps, allowing users in over 180 countries to deposit funds and use its Connect product to pay out fiat currencies. Stripe Identity may be used to verify the identities of users in over 33 countries. Stripe’s banking-as-a-service application programming interface (e.g. its Treasury and Issuing APIs) could be used by wallet providers or decentralized finance platforms to streamline the money management process. 

Stripe emphasized how its “global infrastructure and proven APIs” could help crypto businesses thrive. For example, the firm already supports more than 135 currencies globally and dozens of payment methods (e.g. Stripe Terminal, debit and credit cards, etc.) and utilizes machine learning to combat fraud. Moreover, Stripe already has a well-established know your customer (KYC) process by which companies can ensure compliance and detect fraudsters or scammers. 

The company halted Bitcoin payments in 2018, citing volatility and inefficiency in making everyday, normal payments with crypto. Last November, Collison noted the firm’s willingness to consider accepting crypto payments again in the future. The month before, Stripe’s head of engineering and crypto announced open engineering positions to help “build the future of Web3 payments.” 

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

NFT Express: Your on-ramp to the world of NFTs

At Tatum, we’ve already made it super easy to create your own NFTs on multiple blockchains without having to learn Solidity or create your own smart contracts. Anyone can deploy…

Stripe Is Hiring for Its Crypto Team

Payments giant Stripe is hiring for its new crypto team. Its stated purpose is to “build the future of Web3 payments.”  Stripe Head of Engineering and Crypto Puts Out the…

Stripe Says It’s Considering Bringing Back Crypto Payments 

Stripe co-founder John Collison has hinted that the company may start accepting crypto as a method of payment again after ending Bitcoin support in 2018.  Stripe Is Open to Crypto…

Crypto “Completely Failed” as Payments System: Fed Chair Powell

Powell also commented on the possibility of a digital dollar.  Powell Discusses Crypto  Federal Reserve chairman Jerome Powell has aired more thoughts on cryptocurrencies.  Speaking in testimony before the Senate…


Source link

You might also like
Leave A Reply

Your email address will not be published.