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After dropping Bitcoin payments in 2018, Stripe is once again adding support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for cryptocurrencies. This time, it has a broad strategy with a range of products and a group of crypto partners.
The financial services company Stripe is once again taking a cryptocurrency-friendly approach.
The global payments giant made a series of announcements Thursday unveiling its revamped strategy in the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies space. The announcements include the adoption of cryptocurrencies, tokens (NFT) and partnership with companies in the industry.
New products for cryptocurrency support
Stripe which already powers a fairly significant part of the web’s financial infrastructure, said it is adding support for cryptocurrency payments. The company on Thursday announced a suite of new products, including a fiat payments API aPI stands for Application Programming Interface. It is a set of routines, protocols, and tools for building software applications. APIs specify how software components should interact, such as what data to use and what actions should be taken. for cryptocurrency businesses to process payments from digital assets to fiat currency.
The tool will also make it easier for customers to buy and store digital currencies, withdraw money, exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. and manage compliance workflows such as Know Your Customer (KYC). The support page of Stripe points out that the The company’s products will allow users to buy more than 135 cryptocurrencies with fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies in 180 countries.
As part of the toolkit for cryptocurrencies, Stripe offers flexible on-ramps for exchanges. Also, the new product includes KYC and fraud prevention protocols. The company said it has partnered with exchange FTX and its US subsidiary, FTX.US to collaborate in the optimization of these protocols.
The CEO of Stripe John Collison, took to Twitter to make it known that the company now supports crypto businesses, including exchanges, on-ramps, wallets and NFT markets. “ Not only deposits, but also withdrawals, KYC ‘Know Your Client’. A procedure when a trading platform or exchange would require you to confirm your identity in order for you to use them. and identity verification, fraud prevention and much more. “, he said.
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 partners with FTX
Stripe and the renowned cryptocurrency exchange FTX unveiled their partnership on Thursday at a press release .
The objective of the agreement is to make the process of opening and funding accounts FTX experience is simpler and “ hassle-free ” for users. In addition, it will allow customers to purchase cryptocurrencies with debit cards and direct bank transfers through Automated Clearing House (ACH) transactions.
As part of the partnership, FTX will implement “ Stripe Radar “, a tool that seeks to decrease the risk of fraud. The app uses machine learning models and other signals to distinguish fraudsters from legitimate customers, according to the statement. The chief strategy officer of FTX.US Tristan Yver, commented on the matter:
The optimizations we made to our payment setup with Stripe provide the seamless on-ramp experience that FTX’s growing customer base demands.
Bitcoin and Stripe: A Complicated Relationship
As he recalled Tech Crunch , Stripe has had a complicated relationship with cryptocurrencies over the years. In 2018, the San Francisco- and Dublin-based company ended support for Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. tras llamar a la criptomoneda insigne “menos útil “as a means of payment. The company had started accepting the digital asset in 2014.
The most recent announcement from Stripe es la company’s first major news related to cryptocurrencies since it announced the creation of a team dedicated to cryptopagos in October 2021. At the time, the company stated that it was hiring engineers and designers to ” construir el futuro de los pagos “.
It seems that the payments giant has been working in partnership with several companies in the crypto space since that announcement. In addition to the partnership with FTX, the company has also been collaborating with Blockchain.com, Nifty Gateway y Just Mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. with the intention of developing a renewed strategy for the adoption of digital currencies.
“ Since we announced the Stripe Crypto team last October, we’ve been hard at work on onboarding cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. companies like @FTX_Official, @blockchain, @niftygateway and @JustMiningFr. “, said Guillaume Poncin, director of crypto engineering at Stripe in a thread on tweets Thursday .
The Stripe Crypto team continues to grow: we are looking for PMs, data scientists, engineers, marketing managers and partnership leaders.
Since we announced the Stripe Crypto team last October, we’ve been hard at work onboarding crypto companies such as @FTX_Official,@blockchain, @niftygateway , and @JustMiningFr :https://t.co/Wf6t42pTTa.
– Guillaume Poncin (@gponcin) March 10, 2022
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Article by Hannah Estefania Perez / DiarioBitcoin
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