Stripe announces fiat payment support for cryptocurrencies and NFTs
U.S.-based fintech giant Stripe has significantly ramped up its crypto initiatives after it launched a service that enables payments for NFTs and digital assets via 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 detect and block fraudulent transactions.
Stripe co-founder John Collinson shared an announcement via Twitter on March 11, and the firm also 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
Speaking on the partnership, FTX’s head of strategy Tristan Yver emphasized that the deal will help the firm attract a broader mainstream audience by making it simpler for users to purchase crypto assets:
As part of the move, Stripe also 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!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 four years later due to the network’s slow transaction speeds
Read more on cointelegraph.com
