Stripe has allowed cryptocurrency businesses to use its top-notch payments infrastructure, giving the industry a major boost
Stripe co-founder John Collison has taken to Twitter to announce that the Dublin-headquartered financial services company now supports cryptocurrency businesses such as wallets, non-fungible token marketplaces and exchanges.
It has already partnered with FTX, the trading platform helmed by billionaire Sam Bankman-Fried, crypto-focused financial services company Blockchain.com and digital art online auction platform Nifty Gateway.
Stripe also offers identity and know-your-customer (KYC) solutions for businesses to make it easier to exclude fraudsters and follow compliance rules.
Cryptocurrency companies can donate some of their revenue in order to offset CO2 emissions linked to Bitcoin and Ethereum by supporting carbon removal technologies.
Meltem Demirors, chief strategy officer at CoinShares, tweeted that Stripe giving crypto businesses access to financial infrastructure is a “massive upgrade” for the entire ecosystem.
Stripe originally added support for Bitcoin payments all the way back in 2015. However, it pulled the plug on the largest cryptocurrency in early 2018.
Last November, Collison didn’t rule out bringing back crypto payments, taking note of the most recent developments in the space. He noted that crypto as a tool for speculative investment wasn’t relevant to the company.
Stripe announced that it was forming a dedicated cryptocurrency team that would focus on Web3 payments in October.
The financial services company was founded back in 2009 by the Collison brothers.
Stripe is responsible for processing payments for such tech giants as Amazon and Google.
After reaching a valuation of $95 billion last March, becoming America’s biggest venture-backed private company.
Fast Company recently named Stripe the world’s most innovative company.