US-based fintech giant Stripe has significantly strengthened its crypto initiative after launching a service that allows fiat payments for NFTs and digital assets.
Companies use Stripe’s new application programming interface (API) to accept cryptocurrency fiat payments, provide digital wallets, pay users at fiat, and ID and Know-Your-Customer (KYC) solutions. You can leverage your data to detect and block rogue transactions.
Stripe co-founder John Collinson shared his announcement on Twitter on March 11th. The company has also partnered with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch a crypto business suite.
Stripe currently supports crypto businesses (exchanges, on-ramps, wallets, NFT marketplaces). In addition to payment, there are various functions such as payment, KYC and identity verification, and fraud prevention. https://t.co/3X173SkdPd
— John Collison (@collision) March 10, 2022
Talking about the partnership, FTX’s chief strategy officer, Tristan Yver, emphasized that the transaction will help users attract a wider range of mainstream viewers by making it easier for users to buy crypto assets. did.
“Optimization made with payment settings using Stripe provides a smooth on-ramp experience for FTX’s growing customer base demands. Making it easier than ever for people to invest in crypto, making it more profitable. You can increase it. “
As part of the move, Stripe has also launched an open drop of NFT merchandise called “Cube Things” via the Nifty Gateway. NFTs cost between $ 242.42 and $ 424.24, respectively, and all proceeds from the sale will be paid to Watsi, a non-profit medical technology organization.
Stripe is currently supporting the sale of NFTs — and today we are doing our own drops!
All revenue benefits medical nonprofits @watsi..
6: 30–8: 30 PM ET: https://t.co/Js0qCYQ4KN. pic.twitter.com/iUM6zGj01C
— Edwin (@edwinwee) March 10, 2022
Stripe initially began supporting Bitcoin (BTC) in 2014, but overturned the decision four years later due to the slow transaction speeds and fees of the network at the time.
Related: Bitcoin prices of $ 40,000 are approaching, but analysts warn that a recent low sweep is likely
However, the company has also stated that it will re-enter the sector when cryptocurrency payments become more feasible and is gradually returning to the cryptocurrency sector from late 2021. Cointelegraph reported in October that it was building a team that Stripe would enable crypto payments for its users.