Stripe enables fiat payment support for cryptocurrencies and NFTs
Stripe has partnered with FTX, FTX US, Blockchain.com, Nifty Gateway, and just Mining to launch a crypto business suite.
U.S based fintech giant Stripe has significantly ramped up its crypto initiatives after it launched a service that allows payments for NFTs and digital assets through fiat currency
Businesses can use Stripe's new application programming interfaces (APIs) to accept fiat payments for crypto, provide digital wallets, payout users in fiat, leverage identity and know your customer (KYC) solutions, and utilize data to delete and block fraudulent transactions.
Stripe co-founder John Collinson declare via Twitter on March 11, and the firm even partnered with FTX, FTX US, Blockchain.com, Nifty Gateway, and just Mining to launch the crypto business suite.
Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more. https://t.co/3X173SkdPd— John Collison (@collision) March 10, 2022
FTX's head of strategy Tristan Yver emphasized that the deal will help the firm attract a broader mainstream audience by making it simple for users to purchases crypto assets;
“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 easier than ever for people to invest in crypto.”
Also, Stripe launched an open drop of NFT collectibles dubbed "cube thingies" via Nifty Gateway. The NFTs cost between $242.42 and $424.24 each to mint, and all proceeds from the sale will go to non-profit healthcare tech organization Watsi.
Stripe now supports NFT sales—and we're doing a drop of our very own today!— edwin (@edwinwee) March 10, 2022
An open edition NFT drop presented by @stripe and @niftygateway.
All proceeds benefit healthcare nonprofit @watsi.
6:30–8:30 PM ET: https://t.co/Js0qCYQ4KN. pic.twitter.com/iUM6zGj01C
Stripe initially rolled out Bitcoin(BTC) support back in 2014 but reversed the decision years later due to the network's slow transaction speeds and fees at the time.
The firm also stated that it would re-enter the sector once crypto payments became more viable, and the firm has been progressively getting back into the crypto sector since later 2021, Stripe was building a team to enable crypto payments for its users.