US-based fintech giant Stripe has significantly ramped up its crypto initiatives after it launched a service that enables payments for NFTs and digital assets via fiat currency.
Businesses can use Stripe’s new Application Programming Interfaces (APIs) to accept fiat payments for crypto, offer digital wallets, pay users in fiat, leverage identity and Know Your Customer (KYC) solutions, and transfer data. to detect and block fraudulent transactions.
Stripe co-founder John Collinson shared an announcement via Twitter on March 11, and the company also partnered with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch the crypto business suite.
Stripe now supports crypto businesses: exchanges, ramps, wallets and NFT marketplaces. Not just payouts, but payouts, KYC and identity verification, fraud prevention and much more. https://t.co/3X173SkdPd
— John Collison (@clash) March 10, 2022
Speaking about the partnership, FTX’s head of strategy Tristan Yver emphasized that the deal will help the company attract a wider mainstream audience by making it easier for users to buy crypto assets:
“The optimizations we’ve made to our payment setup with Stripe are delivering the smooth on-ramp experience demanded by FTX’s growing customer base. We are able to multiply the revenue by making it easier than ever for people to invest in crypto.”
As part of the move, Stripe also launched an open drop of NFT collectibles called “Cube Thingies” via Nifty Gateway. The NFTs cost between $242.42 and $424.24 to mint, and all proceeds from the sale will go to the nonprofit health technology organization Watsi.
Stripe now supports NFT selling – and today we’re doing one ourselves!
An open edition NFT drop presented by @stripe and @niftygateway†
All proceeds benefit healthcare nonprofit @watsi†
6:30pm-8:30pm ET: https://t.co/Js0qCYQ4KN. pic.twitter.com/iUM6zGj01C
— edwin (@edwinwee) March 10, 2022
Stripe initially introduced Bitcoin (BTC) support in 2014, but reversed the decision four years later due to the network’s low transaction speeds and costs at the time.
Related: $40K Bitcoin Price Is In Reach, But Analysts Warn A Series Of Recent Lows Are Likely
However, the company also stated that it would re-enter the sector once crypto payments became more viable and the company has gradually moved back into the crypto sector since late 2021. Cointelegraph reported in October that Stripe was building a team to enable cryptocurrency. payments for its users.