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 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
— John Collison (@collision) March 10, 2022
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 now supports NFT sales—and we're doing a drop of our very own today!
All proceeds benefit healthcare nonprofit @watsi.
— edwin (@edwinwee) March 10, 2022
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.