Stripe announces fiat payment support for cryptocurrencies and NFTs

U.S.-based fintech giant Stripe has significantly ramped up its crypto initiatives after it launched a service that enables payments for NFTs and digital assets via fiat currency.

Businesses can use Stripe’s new application programming interfaces (APIs) to accept fiat payments for crypto, provide digital wallets, payout users in fiat, leverage identity and know-your-customer (KYC) solutions, and utilize data to detect and block fraudulent transactions.

Stripe co-founder John Collinson shared an announcement via Twitter on March 11, and the firm also partnered with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining to launch the crypto business suite.

Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more. https://t.co/3X173SkdPd

— John Collison (@collision) March 10, 2022

Speaking on the partnership, FTX’s head of strategy Tristan Yver emphasized that the deal will help the firm attract a broader mainstream audience by making it simpler for users to purchase crypto assets:

“The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands. We’re able to multiply revenue by making it easier than ever for people to invest in crypto.”

As part of the move, Stripe also launched an open drop of NFT collectibles dubbed “Cube Thingies” via Nifty Gateway. The NFTs cost between $242.42 and $424.24 each to mint, and all proceeds from the sale will go to non-profit healthcare tech organization Watsi.

— edwin (@edwinwee) March 10, 2022

Stripe initially rolled out Bitcoin (BTC) support back in 2014 but reversed the decision four years later due to the network’s slow transaction speeds and fees at the time.

Related: $40K Bitcoin price is in reach, but analysts warn that a sweep of recent lows is likely

However, the firm did also state that it would re-enter the sector once crypto payments became more viable, and the firm has been progressively getting back into the crypto sector since late 2021. Cointelegraph reported in October that Stripe was building a team to enable crypto payments for its users.