Stripe is shifting its ways as it supports crypto payments once again, along with accepting NFTs and Web3.
Stripe's co-founder, John Collison, delivers a speech in Paris during the commercial launch of his company in France on June 7, 2016. Stripe is an online payments company.
Stripe and Crypto Payments
It comes years after the tech finance platform said that Bitcoin is "less useful" for payments.
Thus, Stripe withdrew its support for the top cryptocurrency way back in 2018. It started accepting the volatile accept in 2014, as per a news story by Tech Crunch.
Meanwhile, last October 2021, the payments firm started hiring folks that would fill up their crypto team as they gear up to accept the digital asset once again. It then began the return of crypto support on Stripe.
In fact, weeks after the crypto team job listing of Stripe, the payments firm announced that a known crypto venture capitalist, Matt Huang, is joining the board of directors of the company in November.
Stripe's Re-Entry to Crypto Payments
This time around, the co-founder of Stripe, John Collision, himself went on to announce on his Twitter account that his payments platform is back with its crypto support.
What's more, the Stripe co-founder also shared some of the latest additions to the platform, such as tools and APIs for businesses to allow their users to hold, buy, and sell cryptos and NFTs.
According to a recent report by The Block Crypto, Stripe has officially announced that it would start supporting crypto businesses, which includes various crypto wallet platforms and exchanges, as well as marketplaces for NFTs.
A young woman walks past a Bitcoin symbol in the window of a company that offers blockchain application services on December 21, 2021 in Berlin, Germany. Bitcoin and other virtual currencies rose strongly in value in 2021.
As such, Stripe is now letting various crypto businesses use its fiat payments API integration to allow payments that use crypto-to-fiat processes.
The Stripe co-founder, Collison, also said that it would provide crypto businesses with flexible on-ramps, allowing both withdrawals and deposits of fiat in crypto exchange platforms.
To be more precise, Tech Crunch noted that Stripe revealed on its support page that the payments firm will be supporting more than 135 crypto tokens, as well as a wide range of fiat currencies from a total of 180 nations.
Read Also: 90% of all Bitcoin has already been mined - What Happens After All 21 Million Are Mined?
Stripe x FTX
On top of that, one of the biggest crypto exchange platforms out there known as FTX is also forging a partnership with the payments firm, Stripe.
The new partnership also includes the United States affiliate of the crypto exchange known as FTX.US.
This illustration photograph taken on July 19, 2021 in Istanbul shows a physical banknote and coin imitations of the Bitcoin crypto currency. (Photo by Ozan KOSE / AFP)
The collaboration between Stripe and FTX seeks to further improve the know your customer or KYC system of the latter.
That said, Stripe will now be overseeing the verification process of the crypto exchange platform for its new users.
Plus, Stripe will also be responsible for the payment services of FTX, allowing users of the latter to purchase crypto tokens using either bank transfers or debit cards.
Related Article: Stripe, an Online Payment Company, Wants to Stay Private But Will Expand its Services to More Countries
This article is owned by Tech Times
Written by Teejay Boris
