The evolution of fintech operations has been massive over the years as the continuous shift to accommodate crypto payments on their platforms gathers momentum. From fiat to digital assets and digital currencies to fiat, fintech is increasingly becoming involved.
Stripe, an American fintech firm and one of the leading players in the Fintech ecosystem, has been upscaling its crypto-related services after it launched a new service that would allow users to pay for digital assets and NFTs using fiat currencies.
The new application programming interfaces (APIs) rolled out by Stripe aim to provide businesses with the medium to accept fiat payment for cryptocurrency’s digital wallet services, converting digital tokens to fiat for payouts. It is also to provide a safe transaction outlet by detecting and blocking fraudulent activities, among other things.
Partnership for Crypto Payments
According to the co-founder of Stripe, John Collinson, in an announcement via his Twitter handle on March 11, Stripe has gone into partnership with FTX US, Nifty Gateway, Just Mining, FTX, and Blockchain.com before launching the crypto payment system.
The deal with other cryptocurrency players is to support and consolidate mainstream financial users who otherwise may not find such services elsewhere; the aim was to make it easier for people to purchase any crypto-asset of their choice.
FYX’s Tristan Yver, who is also the Head of Strategy at the firm, noted that the optimization carried out by FTX in setting up the payment system with Stripe is designed to deliver a smooth and hassle-free experience in line with the demands of the growing user base. By making it easier for people to purchase and invest in digital assets, the firm was able to multiply and increase its revenue earnings.
Stripe’s NFT Collections
In line with the vision of making the purchase of NFTs on the platform a reality, Stripe also revealed the launch of its unique NFT collectibles known as “Cube Thingies” on the Nifty Gateway. The minting cost of the NFTs is within the range of $242.42 and $424.24 apiece. All proceeds from the sale of the assets will go to a non-profit healthcare organization.
Back in 2014, Stripe was among the first to roll out BTC support on the Bitcoin network but made a u-turn four years later because of the slow transaction speeds of the network and the high fees associated with Bitcoin.
However, Stripe also noted that in the future, it would reenter the crypto market once cryptocurrency payments become less complicated to navigate. And the firm has been making a steady return to the digital currency industry since last year.
According to Cointelegraph, in October last year, Stripe was building a team and exploring potential partnerships to enable cryptocurrency payments to its customers.
Now that the long-awaited plan by Stripe has been achieved, users on the platform will be able to buy cryptocurrency tokens using fiat currencies and carry out other transactional activities with ease, just as users on other platforms do.
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