US fintech giant Stripe has stepped up its cryptocurrency initiatives significantly after launching a service that allows payments for NFTs and digital assets using fiat currency.
Businesses can use Stripe’s new APIs to accept mandatory cryptocurrencies, provide digital wallets, legitimate payment users, use Identity and Know Your Customer (KYC) solutions, and use data to detect and block fraudulent transactions.
Stripe co-founder John Collinson shared the announcement via Twitter on March 11, and the company is also partnering with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch its crypto business suite.
When we talked about the partnership, Tristan Iver, FTX’s Chief Strategy Officer, emphasized that the agreement will help the company reach a wider audience by making it more visible to users when they buy cryptocurrencies:
“The improvements we’ve made to set up payments with Stripe provide a great platform experience for our growing FTX customer base. We can double our revenue by making investing in crypto easier than ever.”
As part of the move, Stripe also launched a perpetual gift of NFT collectibles called “Cube Thingies” through Nifty Gateway. The NFTs are priced between $ 242.42 and $ 424.24 each, and all proceeds from the sale will go to health technology non-profit organization Watsi.
Stripe originally launched support for Bitcoin (BTC) back in 2014, but reversed that decision four years later due to the network’s low transaction rates and fees at the time.
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However, the company has also stated that it will re-enter the sector as cryptocurrencies become more viable and the company gradually moves back to the crypto sector from the end of 2021. In October, the Cointelegraph reported that Stripe built a team to return the cryptocurrency. payments to its users.