Online payment processor Stripe continues its expansion into cryptocurrency, announcing Via Twitter Launched a range of products to support cryptocurrency payments on the platform.
The product covers a wide range. For the NFT marketplace, buyers and sellers can be verified through the Identity option, which allows users to verify the authenticity of identity forms from 33 countries/regions. For non-NFT exchanges, more than 180 countries can deposit funds through a variety of local payment methods, and the Connect product allows legal payments to more than 45 countries/regions. Provide a smooth API to help simplify the wallet experience, a common source of frustration among enthusiasts given the complexity of the existing product.
While this is just the latest in a series of moves by the payments giant to adopt cryptocurrency, it hasn't always been a perfect match for cryptocurrency and Stripe. In 2018, the Irish-American company ended its support for bitcoin, which was seen as a blow to the industry as a whole. Stripe originally began facilitating cryptocurrency payments in 2014.
"Over the past few years, with block size limitations, Bitcoin has evolved into an asset rather than an exchange medium …… read epub.
It's clear that the cryptocurrency landscape is a different place today than it was in 2018. In the words of Stripe itself in its updated introduction, "From new developments in blockchain infrastructure to widespread interest from large financial institutions, cryptocurrencies are going mainstream." The continued emergence of lightning networks is the most prominent aspect of payments, with off-chain solutions opening up countless possibilities for the previously crowded Bitcoin blockchain.
"Stripe now supports cryptocurrency businesses: exchanges, portals, wallets, and NFT marketplaces. Not just payments, but payments, KYC and authentication, fraud prevention, and more," co-founder John Collison tweeted.
The impact on cryptocurrency fraud could end up being one of the most serious consequences of Stripe's actions. Stripe's announcement describes "fraud prevention and authorization optimization," which should further deter some of the myriad scams plaguing the space as the emerging industry continues to evolve from its roots as a niche Internet niche.
also announced that Stripe is working with cryptocurrency exchange FTX to streamline its identity compliance and trust integration offerings.
All of this is just the latest sign that Bitcoin belongs in the mainstream after the remarkable explosion that occurred during the pandemic of the past few years. Cryptocurrency is now a major asset class, and ads like this one from Stripe further establish its legitimacy.