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In a major announcement on 11 March, Global payment firm Stripe said that it would be expanding its services to cryptocurrencies, wherein users will be permitted payment for NFTs and other digital assets by using fiat currency. Stripe, which offers its business operations in the US, UK, and European Union regions, aims to maximise its potential using unique application programming interfaces (APIs) to accept crypto payments.
It will be partnering with cryptocurrency exchange FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch the unique product. Stripe co-founder John Collinson in a tweet, enlightened that the fintech giant aims to harness the features of the exchanges, on-ramps, wallets, and NFT marketplaces. Besides, the partnership will see Stripe come up with unique onboarding protocols and identity verification processes.
Also read: Stacks (STX) crypto on cloud nine after Bitcoin Odyssey announcement
A first of firsts
This joining of hands follows Stripe’s October announcement wherein it had intimated its intentions of creating a dedicated team for Web3 payments. With the partnership, users from more than 180 countries will have the option to deposit funds through multiple mediums. Through a highly secure KYC process, Stripe ensures the security of data and helps the users for easy onboarding while staying within the parameters of the regulatory bodies.
FTX’s head of strategy Tristan Yver expects that this partnership will go a long way in broadening the market and making buying cryptos a seamless process.
Also read: Qatar 2022 Token (FWC): Why is it gaining attention lately?
Bottomline
The Stripe and FTX partnership showcase how aggressive the fintech companies are when it comes to crypto space. Stripe, earlier this week, was named as one of the most innovative companies in the world, and even earlier was lauded for starting up a campaign to reduce carbon footprint.
It will be interesting to see how both the firms can maximise their potential in the crypto space with this partnership. But this partnership does indicate that Stripe is keen to expand its crypto service offerings to its users.
But users should also be very vigilant when it comes to the crypto space. As a volatile asset, it does bring in its fair share of risks as well therefore, one needs to do their market research thoroughly before entering the space.
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