After ceasing to accept bitcoin payments, Stripe is making a comeback in the crypto industry, with its new crypto trading infrastructure. In 2018, Stripe said Bitcoin had become “less useful for payments,” citing block size limits, long confirmation times and higher fees.
Stripe seems to have reversed its position and reached an agreement with two giants of the crypto sector, FTX and Blockchain.com, for the creation of payment processing software for Bitcoin and cryptocurrencies. This new service is not limited to payment transactions but also includes payments integration with exchanges, identity verification scaling methods, currency conversion deposits and streamlined automations.
On March 10, their updated 2018 post explained that:
“Since the initial publication of this blog post over four years ago, we have discovered that our optimism for the future of crypto is not unfounded. From new developments in blockchain infrastructure to the widespread interest from major financial institutions, crypto is becoming mainstream.”
Stripe offers a wide range of products and services that can be used in the crypto sector. The service Stripe Connect for example allows customers to spend from crypto exchanges and also offers the ability to deposit funds in over 45 fiat currency variations.
another service, Stripe Treasuryenables businesses to create wallets and consumers to earn returns based on decentralized financial applications that allow users to manage cash, pay bills and more.
Stripe Issuing allows businesses to create virtual and physical cards that can be programmed to only work with specific sellers and hold a limited amount of funds.
Stripe Identify enables businesses to authenticate identity documents through an API that makes user verification easier for businesses without placing a heavy burden on users who are not attempting to commit fraudulent transactions. The company claims that its users can quickly scale their marketplaces and onboard buyers and sellers in seconds for any type of platform, such as those reserved for NFTs.
For his part, the strategic manager of FTX, Tristan Yverat underline that the agreement will help the company attract a wider audience by simplifying the process for users to purchase cryptoassets:
“The optimizations we’ve made to our payments setup with Stripe provide the smooth start-up experience that FTX’s growing customer base demands. We’re able to multiply revenue by making it easier than ever for people to invest in crypto.”
Availability of Stripe’s crypto functionality for businesses in the space varies by region and use case, indicated the support page, and “depending on how your business is set up,” the company “may require additional information before you can begin processing payments with Stripe.”
The services are currently available in the US, UK, and EU, while some NFT sales are also available in Japan.
Follow our affiliate links:
- To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
- To buy cryptocurrency in Canadavisit Bitbuy
- To generate interest with your bitcoinsgo to the BlockFi website
- To secure or store your cryptocurrenciesget Ledger or Trezor wallets
- To trade your cryptos anonymouslyinstall the NordVPN app
To invest in cryptocurrency mining or masternodes:
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
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