Years before, the technology finance platform said Bitcoins were “less useful” as payment methods.
Thus, Stripe ceased supporting the leading cryptocurrency back in 2018. A news article by Tech Crunch states the company started accepting volatility in 2014.
In October 2021, the payments firm began hiring crypto experts to fill out the team as they prepare to begin accepting the digital currency again. Eventually, blockchain support returned to Stripe. As it turns out, Stripe recently announced a crypto venture capitalist would join its board of directors in November. This happens weeks after posting a job listing for its crypto team.
Stripe’s return to crypto payments
As he did last time, Stripe’s co-founder John Collision, himself announced on his Twitter account that the company’s payments platform has re-enabled its crypto support. Furthermore, the Stripe co-founder talked about the latest additions to the platform. Such as APIs and tools that businesses can use to allow their users to buy, sell, and trade cryptos. Earlier this month, The Block Crypto reported that Stripe had officially announced that it would begin supporting crypto businesses. This includes digital wallet platforms, exchanges, and marketplaces for NFTs.
Stripe is now offering a fiat-to-crypto integration for its payment API, which allows businesses to accept crypto-to-fiat payments. Collison said that Stripe would also provide flexible on-ramps for crypto businesses to withdraw fiat and deposit it in crypto exchange platforms. Stripe disclosed on its service page that it will support more than 135 crypto tokens and fiat currencies from more than 180 countries, according to Tech Crunch.
Stripe x FTX
A leading crypto exchange platform, FTX, is also collaborating with the payments company, Stripe.
The new partnership also includes FTX.US, which is a United States-based cryptocurrency exchange.
Stripe and FTX aim to improve the know your customer (KYC) system of the latter by collaborating.
In the meantime, Stripe will be overseeing the verification process for its new customers on the cryptocurrency exchange platform. FTX users will also be able to purchase crypto tokens with either debit cards or bank transfers through Stripe, which will be responsible for payment services.
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