Checkout.com will now be able to provide businesses rapid fiat-to-stablecoin conversion for consumer payments utilizing Fireblocks’ crypto payment technology.
Checkout.com jumps into crypto
The feature will allow merchants to settle payments even on weekends and public holidays, something not currently possible with fiat currencies, enhancing cash flow and decreasing operational complexity. Checkout.com is the first PSP to use Fireblocks’ cryptocurrency payments platform.
Checkout.com successfully tested, improved, and optimized options for consumers to pay merchants in USDC for online fiat transactions throughout the beta period. According to the announcement, Checkout.com has enabled the settlement of more than $300 million in a beta program utilizing USDC.
The role of Fireblocks
After acquiring First Digital, a payments technology provider focused on making crypto, and stablecoin usage compatible with merchants and cross-border use cases, crypto custodian Fireblocks has expanded into payments. This area has become more prevalent in recent years.
As many crypto businesses struggle to find out how to integrate crypto into the real world, the deal was part of a strategy to help Fireblocks extend support for business-to-consumer payments utilizing USDC, Celo, and other stablecoins and cryptocurrencies.
