After four years out of the game, international payments processing giant Stripe is delving back into the realm of crypto. In collaboration with FTX and Blockchain.com, the company will begin offering support for the space’s exchanges, on-ramps, wallets, and NFT marketplaces.
Using its payment API and tool for digital marketplaces and platforms, Stripe Connect, the company will now support the on-ramping of fiat currencies to crypto exchanges in 180 countries, and off-ramping in more than 45 countries. In addition, Stripe co-founder John Collison took to Twitter to state that the company will also offer crypto businesses: “Not just pay-ins but payouts, KYC and identity verification, fraud prevention and lots more”.
Stripe’s re-entrance into Web3 comes as a result of its reinvigorated enthusiasm for the space, which was made clear in one of its recent blog posts: “Crypto is going mainstream, to better support our customers and continue to grow the GDP of the internet, we are working to give crypto businesses access to today’s global financial infrastructure”.
Despite the recent announcements coming as news to many, the confirmation of the re-onboarding of crypto support is in fact the final stage of a strategic turnabout which began in October 2021, when Stripe’s head of engineering, Guillaume Poncin, announced the company’s plans to form a new crypto team for its upcoming Web3 endeavours.
With early March becoming a staple piece in the Web3 calendar, as seen through the $69 million NFT Beeple sale in 2021, or the recent acquisition of CryptoPunks and Meebits by Yuga Labs, it seems fitting that one of the first major payments company to support Bitcoin payments in 2014, finalises its return during this time of year.
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