Stripe Returns to Crypto

Privately-owned payments giant, $95 billion in size, has entered crypto. 

John Collison, co-founder of Stripe 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 Check out these listsIt offers many new solutions for the blockchain market, and encouraged Web3 builders tell it more about their projects so it could provide more tools to better understand your needs. 

The payments company will allow crypto exchanges and onramps. Users in more than 180 countries can deposit money and use the Connect product to pay fiat currencies. Stripe Identity can be used to verify identities of users in more than 33 countries. Stripe’s banking-as-a-service application programming interface (e.g. The Treasury and Issuing APIs of Stripe could be used to streamline the money management process by wallet providers or decentralized financial platforms. 

Stripe emphasized how its “global infrastructure and proven APIs” could help crypto businesses thrive. The firm supports more than 135 currencies and has dozens payment methods (e.g. Stripe Terminal, debit cards and credit cards are all supported. It uses machine learning to combat fraud. Stripe has an established know your customer (KYC), which allows companies to monitor compliance and identify fraudsters. 

In 2018, the company stopped Bitcoin payments, citing inefficiency and volatility in making normal payments with crypto. Last November, Collison Not noted the firm’s willingness to consider accepting crypto payments again in the future. The month before, Stripe’s head of engineering and crypto Announcement open engineering positions to help “build the future of Web3 payments.” 

 

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