{"id":9167,"date":"2022-03-11T03:51:06","date_gmt":"2022-03-11T03:51:06","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/stripe-announces-fiat-payment-support-for-cryptocurrencies-and-nfts\/"},"modified":"2022-03-11T03:51:08","modified_gmt":"2022-03-11T03:51:08","slug":"stripe-announces-fiat-payment-support-for-cryptocurrencies-and-nfts","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/stripe-announces-fiat-payment-support-for-cryptocurrencies-and-nfts\/","title":{"rendered":"Stripe announces fiat payment support for cryptocurrencies and NFTs"},"content":{"rendered":"

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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. <\/p>\n

Businesses can use Stripe\u2019s 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. <\/p>\n

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. <\/p>\n

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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<\/p>\n

\u2014 John Collison (@collision) March 10, 2022<\/a><\/p><\/blockquote>\n

Speaking on the partnership, FTX\u2019s 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: <\/p>\n

\u201cThe optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX\u2019s growing customer base demands. We\u2019re able to multiply revenue by making it easier than ever for people to invest in crypto.\u201d<\/p><\/blockquote>\n

As part of the move, Stripe also launched an open drop of NFT collectibles dubbed \u201cCube Thingies\u201d 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.<\/p>\n

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Stripe now supports NFT sales\u2014and we’re doing a drop of our very own today!<\/p>\n

An open edition NFT drop presented by @stripe<\/a> and @niftygateway<\/a>.<\/p>\n

All proceeds benefit healthcare nonprofit @watsi<\/a>. <\/p>\n

6:30\u20138:30 PM ET: https:\/\/t.co\/Js0qCYQ4KN. pic.twitter.com\/iUM6zGj01C<\/a><\/p>\n

\u2014 edwin (@edwinwee) March 10, 2022<\/a><\/p><\/blockquote>\n

Stripe initially rolled out Bitcoin (BTC) support back in 2014 but reversed the decision four years later due to the network\u2019s slow transaction speeds and fees at the time.<\/p>\n

Related: <\/em><\/strong>$40K Bitcoin price is in reach, but analysts warn that a sweep of recent lows is likely<\/em><\/strong><\/p>\n

However, the firm did also state that it would re-enter the sector once crypto payments became more viable, and the firm has been progressively getting back into the crypto sector since late 2021. Cointelegraph reported in October that Stripe was building a team to enable crypto payments for its users. <\/p>\n<\/div>\n