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Stripe to accept fiat payments for cryptocurrency and NFTs

Stripe has unveiled a crypto business suite in collaboration with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining.

Stripe, a US based fintech company, has greatly increased its crypto ambitions after launching a service that allows payments for NFTs and digital assets in fiat money. Stripe’s new application programming interfaces (APIs) enable businesses to take fiat payments for crypto, provide digital wallets, reward users in fiat, leverage identification and know-your-customer (KYC) solutions, and use data to identify and stop fraudulent transactions.

Stripe co-founder John Collinson announced the debut of the crypto business suite on Twitter on March 11, and the company also collaborated with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining. Tristan Yver, FTX’s head of strategy, stated that the agreement will help the business acquire a bigger mainstream audience by making it easier for customers to purchase crypto assets. The improvements we made to our payment setup with Stripe provide the smooth on-ramp experience that FTX’s increasing client base requires, he added.

Stripe also issued an open drop of NFT collectibles named “Cube Thingies” via Nifty Gateway as part of the move. The NFTs cost between $242.42 and $424.24 to mint, and all sales will benefit the non-profit healthcare technology company, Watsi.

Stripe initially supported Bitcoin (BTC) in 2014, but removed it four years later owing to the network’s sluggish transaction speeds and fees at the time. However, the company did declare that it would re-enter the sector as crypto payments become more practical, and the company has been gradually re-entering the crypto industry since late 2021.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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