- Stripe has partnered with FTX and Blockchain.com to create payment processing software for Bitcoin and other cryptocurrencies.
- New services include payments integration with exchanges, methods for scaling identity verification, currency conversion deposits, and streamlined automations.
- While Stripe stopped accepting bitcoin payments in 2018, it has since doubled down on its hopes for a future in bitcoin and cryptocurrency.
Stripe, the global online payment software developer, is returning to Bitcoin adoption in a partnership with FTX and Blockchain.com – after a hiatus in 2018 when they ended support for Bitcoin – with its new commercial crypto infrastructure.
“From new developments in blockchain infrastructure to widespread interest from major financial institutions, crypto is going mainstream,” Stripe says in its recently updated blog post.
Stripe Connect allows customers to spend from cryptocurrency exchanges and deposit funds in over 45 fiat currency variations. Stripe Treasury allows businesses to create wallets and allows consumers to earn returns based on decentralized finance applications that allow users to manage cash flow, pay bills and more. Stripe Issuing allows businesses to create virtual and physical cards that can be programmed to only work with specific providers and hold a limited amount of funds.
“Postmates uses Stripe Issuing to create cards for their courier fleet, programmed with custom spend controls that only approve transactions at the merchant assigned to the courier,” as stated on Stripe’s website.
Stripe Identify enables businesses to authenticate identification documentation with a frictionless API that makes user verification easier for businesses without placing a burden on users who do not attempt to commit fraudulent transactions. This will help scale digital markets such as those used for non-fungible tokens (NFTs).
Simplified payment flows and custom optimizations give way to custom automation allowing businesses to focus on the business, rather than dealing with the intricacies of how to accept emerging forms of payment.
In 2018, Stripe released a blog post in which they stated, “Over the next three months, we will work with affected Stripe users to ensure a smooth transition before we stop processing Bitcoin transactions on April 23, 2018.”
The post was updated thursday say, “Since this blog post was originally published over four years ago, we have learned that our optimism for the future of crypto is not unfounded.”