Stripe is re-entering the cryptocurrency space with new plans to support fiat payment options for some of its users. Stripe’s move comes as a result of recent demand from their customers on social media.
The “stripe crypto support” is a move by Stripe to enter the crypto space. The company announced that it will now be supporting fiat payments for cryptocurrencies and NFTs.
To develop a crypto business suite, the payment giant announced collaborations with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining. The move reverses a decision made in 2018 to quit supporting Bitcoin owing to the network’s poor transaction speeds and fees.
Stripe, a financial services business, has announced its return to the crypto world. Customers will be able to acquire and store crypto tokens, cash out, trade NFTs, and perform compliance tasks such as Know Your Customer, according to a suite of products unveiled by the global payments giant (KYC).
According to the release, the company’s products would allow customers to purchase and trade over 135 cryptocurrencies in at least 180 countries using fiat currencies. Stripe co-founder John Collison announced the news on Twitter and detailed how the company aims to use its crypt APIs to help Web3 firms.
Exchanges, on-ramps, wallets, and NFT markets are now supported by Stripe. Not only are there pay-ins, but also payouts, KYC and identity verification, fraud protection, and much more. https://t.co/3X173SkdPd
— March 10, 2022, John Collison (@collision)
Making it simpler than ever to invest in cryptocurrency
To launch the crypto business suite, the company announced agreements with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining. Stripe’s crypto services are currently only offered to companies in the United States, the United Kingdom, and the European Union. These areas, as well as Japan, are serviced through its NFT marketplace services.
Tristan Yver, FTX’s Head of Strategy, said the new alliance will help the company reach a bigger mainstream audience by making the process of purchasing digital assets easier. He explained:
“The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands. We’re able to multiply revenue by Making it simpler than ever to invest in cryptocurrency.”
Strike, a firm with a similar name, swiftly filled the void.
As part of the campaign, Stripe will offer an open drop of NFT collectibles dubbed “Cube Thingies” through Nifty Gateway. Each NFT will cost between $242.42 and $424.24 to mint, with all revenues going to Watsi, a non-profit healthcare technology group.
Stripe has had an on-and-off relationship with cryptocurrencies over the years. The firm was among the first institutional adopters in 2014 but ended the Bitcoin support in 2018, calling the cryptocurrency less useful as a means of payment. Strike, a firm with a similar name, swiftly filled the void..
Stripe, on the other hand, started publishing job postings to build a crypto team and, a few weeks later, recruited crypto VC Matt Huang to its board of directors. Stripe’s re-entry into the crypto world might pose a challenge to current crypto payment processors that lack Stripe’s global reach.
Coinbase has announced that it will be re-entering the crypto space with a new product called “Coinbase Stripe.” The service will allow users to use their credit card to purchase cryptocurrency and NFTs. Reference: coinbase stripe.
