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The Crypto Business Suite from Stripe
As Stripe is Getting Ready for Crypto Payment Solutions, it announced on March 10th that it has teamed up with FTX, Blockchain.com, Nifty Gateway, and Just Mining to assist launch its “crypto business suite.” Customers will be able to trade, store, and cash out cryptocurrencies and NFTs using the business suite’s web capabilities.
Customers will be able to buy over 135 cryptocurrencies using fiat in over 180 countries, according to the official release.
Stripe held its own NFT drop to commemorate the platform’s launch and, in particular, its support for NFTs. On the Nifty Gateway, Stripe released the “Cube Thingies” NFT collection. Each of the “Cube Thingies” costs between $242-424. Furthermore, all proceeds from the sale will benefit Watsi, a non-profit healthcare organization.
Stripe co-founder, John Collison, turned to Twitter to elaborate on the crypto suite. Stripe will also enable know-your-customer (KYC) verification procedures and fraud prevention measures, according to him.
FTX, a cryptocurrency exchange, has announced a partnership with Stripe to boost identity compliance capabilities including KYC.
BTC Support was previously dropped by Stripe
It’s worth noting that this isn’t the first time Stripe has made news in the crypto world.
The platform declared in 2014 that it would support Bitcoin transactions. Four years later, in 2018, the team announced that it would no longer accept Bitcoin payments. This was due to its ephemeral nature, slow transaction speed, and high cost.
“Bitcoin has developed to become better-suited to being an asset than a method of an exchange over the last year or two, as block size restrictions have been approached.”
In a 2018 Stripe blog post, Tom Karlo, Stripe’s product manager, stated this.
“There are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense,” he continued.
Crypto Payment Solutions: What Was the Reason for Stripe’s Shift in Direction?
Tom updated his blog article from January 2018 yesterday, following the release of the business suite. “From new blockchain technology to extensive interest from big financial institutions, cryptocurrency is becoming mainstream.” Stripe, according to Tom’s piece, miscalculated how quickly Bitcoin and crypto usage would spread in the years after 2018.
When Stripe stated that it will no longer support Bitcoin, the market capitalization of the cryptocurrency was around $230 million. According to CoinGecko, it’s now worth roughly $720 million.
Stripe’s reversal isn’t altogether surprising. When they declared that they will no longer enable Bitcoin payments on their platform, they added that they hoped it was only a matter of time.
Stripe is also thought to have been waiting for cryptocurrency to become a more viable payment option. Since 2021, they’ve been creating a team to construct a crypto payment platform, according to Cointelegraph.
What Does This Move Mean For The Crypto Markets?
Since the beginning of 2022, the cryptocurrency market has been in decline. We’re all waiting with bated breath for a shift in public opinion. One of the keys to driving cryptocurrency values upward, according to analysts, is widespread adoption.
Stripe’s announcement is a step in the right way in terms of businesses adopting cryptocurrency as a payment mechanism that isn’t based on fiat currency.
Stripe has a market valuation of slightly around $100 billion, according to Forbes. It also works with businesses of all sizes to assist them in accepting online payments. Stripe is assisting in the mainstreaming of cryptocurrency by making it easier for businesses to accept cryptocurrency payments.
If Stripe’s business suite proves to be a success, other online payment businesses are likely to explore launching similar initiatives. This can only help crypto become more widely accepted as a payment method. Furthermore, if online payment processing organizations are impressed with services like Stripe’s, they are more likely to adopt crypto payment solutions.
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