Stripe has unveiled a new suite of services that include the ability to buy crypto and NFTs with fiat currencies.
Payment processing giant, Stripe, has launched a service that lets users purchase NFTs and digital assets using fiat currency – not cryptocurrencies. The new business suite dedicated to facilitating access to crypto services is the product of a partnership between the American fintech giant and FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining.
With the provision of the new service, Stripe has effectively doubled down on its crypto initiatives. Stripe’s new APIs allow users to buy crypto with fiat currencies and businesses to provide digital wallets, pay users in fiat, leverage identity and Know Your Customer (KYC) solutions, and utilize data to detect and block fraudulent transactions.
The new crypto business suite was revealed last month with a post on Twitter by Stripe co-founder John Collinson.
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
As FTX’s head of strategy, Tristan Yver, explains, the partnership will help the firm attract a broader mainstream audience by making it more straightforward for users to purchase crypto assets: “The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands. We’re able to multiply revenue by making it easier than ever for people to invest in crypto,” he said.
To celebrate the milestone, Stripe also dropped an NFT collection dubbed “Cube Thingies” via Nifty Gateway, with primary sale prices ranging from $242.42 to $424.24. All proceeds from the collectibles sale will go to the nonprofit healthcare tech organization, Watsi.