Stripe officially re-enters crypto-currencies
The rise of crypto-currencies continues, but until now it was no longer supported by one of the undisputed online payment giants Stripe. Following yet another turnaround for Stripe on the subject, this has now been achieved, with the effective launch of a solution aimed at crypto asset professionals.
FACTS
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Stripe today announced the rollout of its BtoB service tailored to the crypto economy. The company has introduced a suite of products to support crypto-currency payments on its platform.
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To do this, the company has worked to integrate companies specialising in crypto-assets such as Blockchain.com, JustMining and the regulated US platform FTX. These partnerships allow Stripe to cover all activities: exchanges, portfolio management and NFT marketplaces.
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Stripe's broad support includes identity verification, KYC form management and fraud prevention.
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Customers of Stripe's new service will be able to purchase over 135 crypto-currencies in fiat currency across 180 countries.
CHALLENGES
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A confirmation of ambition: Stripe embarked on building a team dedicated to the crypto-currency market last October. The company is now continuing to recruit on the subject but is concretising its approach at the same time to avoid falling too far behind the competition (PayPal and Square in particular).
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Taking advantage of a favourable context: Very early on the issue of crypto-currencies, Stripe had finally had to abandon its plans to accept Bitcoins in 2018. But since then, the democratisation of this type of asset has taken place and the United States has even established itself as the world's leading crypto-currency miner. And the country has just strengthened its position by launching a digital dollar project, in addition to the Digital Dollar Project.
MARKET PERSPECTIVE
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FTX is taking the opportunity of signing its partnership with Stripe to highlight its growth. The regulated US platform doubled its user base in the last quarter of 2021. FTX reports that investors have been trading an average of $14 billion in assets per day on its platform since January 2022. And its partnership with Stripe is expected to further increase the platform's market share.