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  • Stripe Launches New Cryptocurrency Business Suite Update
  • The new update will allow traders to pay for cryptocurrencies and NFTs via fiat currency
  • Stripe Announces Drop in NFT on Nifty Gateway

Stripe, a company based in the United States of America, has announced the launch of a new feature, the Cryptocurrency Business Suite, which will boost the availability of its cryptocurrency products. According to the platform's announcement, it will launch the new service, which will allow traders to pay fiat currencies in any currency they choose for cryptocurrencies and NFTs. This business suite feature will benefit businesses as the application programming interface will enable them to accept cash from cryptocurrency and NFT buyers.

Traders can pay for cryptocurrencies via fiat currency on the Business Suite

In addition to using fiat currency for cryptocurrency and NFT payments, businesses can leverage the Commerce Suite service to offer wallet services, enable basic KYC, mass payment of workers using fiat currency, and many other benefits. Stripe also says the new features can help businesses use data to unlock malicious activities and stop them before they can do any harm.

John Collinson, one of the company's co-founders, said Stripe has formed partnerships with several companies, including FTX and Nifty Gateway, to launch the new service. Tristan Yver, the official in charge of FTX's strategy team, elaborated on the update and had some positive things to say about it in the long run. According to Yver, the commerce suite will increase the number of traders accessing the cryptocurrency and NFT markets.

Stripe Announces Drop in NFT on Nifty Gateway

Traders can also easily buy cryptocurrencies and NFTs via fiat currency without going through the usual lengthy process. Yver mentioned that the partnership with Stripe will allow the company to provide its users with the kind of service they have been calling for over the past few months. He also noted that the company could also earn more revenue with its cryptocurrency business suite by opening up the possibility of investing in cryptocurrencies and NFTs to more traders in the market.

Following the partnership, Stripe announced that it was hosting NFT on Nifty Gateway. During the casting period, the price of NFT, called "Cube Thingies," was reduced by up to $424. The company also announced that it would transfer the funds received to Watsi, a healthcare-focused technology organization.

Stripe seemed to have a firm foothold in the market after announcing its support for Bitcoin payments in 2014. However, it had to change its decision due to issues related to network speed and huge fees. Moreover, Stripe has given all the signs that it can enter the market again in the meantime, where a partnership is becoming possible. By the end of 2021, the company collected a list of professionals to check the feasibility of integrating cryptocurrency payments on its platform.