Digital Assets: Stripe Returns To Crypto With A Focus On Business Solutions

March 14, 2022 | Digital Assets, FinTech, News
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Stripe is offering global payment solutions supporting crypto businesses with an eye on Web3.

Stripe CEO John Collison announced in a tweet last week that the company was back in the crypto arena and supporting crypto businesses including exchanges, on-ramps, wallets, and NFT marketplaces. “Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more,” he added. (PYMNTS.com)

Web3 appears to have been a catalyst for the decision to return to a space Stripe had moved on from four years ago. At the time, the company justified its decision on the basis of high transaction fees, transaction failures, and longer times taken for confirming transactions. However, Web3 with its promise of the blockchain, crypto, decentralized finance and an internet that ensures privacy for citizens, has compelled Stripe to make a comeback in the space.

Stripe further explained in a blog its rationale for bringing back crypto into its services lineup citing blockchain infrastructure advances and widespread interest from major financial institutions.

The company now feels that crypto is going mainstream, but reminded readers that it was the first major payments company to support bitcoin payments back in 2014.

“To better support our customers and continue to grow the GDP of the internet, we are working to give crypto businesses access to today’s global financial infrastructure — starting by partnering with FTX and Blockchain.com to broaden consumer access to crypto,” the fintech added.

Related Story: Jack Dorsey’s Square Proposes Decentralized Bitcoin Exchange tbDEX (Whitepaper)

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