Payments Giant Stripe Returns to Crypto

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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- Stripe announced support for multiple encrypted businesses.

- Related crypto businesses include exchanges, fiat onramps, wallets and NFT marketplaces.

Today, Stripe announced several new features to support encrypted businesses. These businesses include crypto exchanges, fiat onramps, wallets and NFT marketplaces.

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Stripe Rekindles Crypto Ambitions

Stripe co-founder John Collison on Twitterwrotewrote

: “Stripe now supports crypto businesses: exchanges, on-ramps, wallets and NFT marketplaces. Not just deposits (pay-in), but also payments (payouts), KYC and identity verification, fraud prevention and more.”

Currently, Stripe's encryption service is only available to businesses in the US, UK, and EU. Its NFT service for the market is supported in these regions as well as in Japan.

The company lists many of the new solutions it now offers to the blockchain industry, and encourages Web3 builders to tell companies more about what they're working on so Stripe can provide more tools and better understand requirements.

To facilitate its Web3 services, Stripe announced that it has entered into agreements with FTX, FTX US, Nifty Gateway, Just Mining and Blockchain.com. In today's announcement, it also launched its own NFT series "Cube Thingies," the proceeds of which will go to medical nonprofit Watsi.

The payments company will also provide on-ramp services for cryptocurrency exchanges, allowing users in more than 180 countries to store funds and pay in fiat currencies using its Connect product. Stripe Identity can be used to authenticate users in over 33 countries. Stripe's Banking-as-a-Service APIs, such as its Treasury and Issuing APIs, can be used by wallet providers or decentralized finance platforms to simplify the money management process.

Stripe emphasized that its "global infrastructure and proven APIs" can help crypto businesses thrive. For example, the company already supports more than 135 currencies and dozens of payment methods (such as Stripe Terminal, debit and credit cards, etc.) globally, and uses machine learning to fight fraud. Additionally, Stripe has established a well-established KYC process through which businesses can ensure compliance and detect fraudsters.The company in 2018Bitcoin payments, citing the volatility and inefficiency of using cryptocurrencies for normal day-to-day payments. In an interview with CNBC last November, Collisonexpressexpress

, Stripe accepting cryptocurrency payments again is "not impossible." According to Collison, there have been many recent developments aimed at making cryptocurrencies better, especially as a payment method that is scalable and affordable.Just a month earlier, Stripe's head of engineering and encryption announced that the companyFormation of new crypto team is starting to build Web3 payment network

, currently hiring engineers and designers. Stripe said that it has paid attention to the needs of developers and users in the encryption field to accept payments, transfer funds, exchange between fiat currencies and cryptocurrencies, etc., and will build a faster and more trustworthy encryption experience.Note: In March of the same year, Stripe announced a valuation of $95 billion (€80 billion)Closes $600 million (€500 million) financing, Allianz X, Axa, Baillie Gifford, Fidelity Management & Research Company, Sequoia Capital (Sequoia Capital) and Ireland's National Treasury Management Agency (Ireland's National Treasury Management Agency) participated in the investment. Former Bank of England Governor Mark Carney completed this round of financing before。