Stripe launched business infrastructure to support cryptocurrencies allowing businesses to transact and scale with Bitcoin.
- Stripe partnered with FTX and Blockchain.com to create payment processing software for Bitcoin and other cryptocurrencies.
- New services include payment integration with exchanges, ID verification scaling methods, currency conversion deposits, and streamlined automations.
- While Stripe stopped accepting bitcoin payments in 2018, it has since doubled down on its hopes of a Bitcoin and cryptocurrency future.
Stripe, the global online payment software developer, is returning to Bitcoin adoption in a partnership with FTX and Blockchain.com – after a hiatus in 2018 where they ended Bitcoin support – with its new crypto business infrastructure.
“From new developments in blockchain infrastructure to widespread interest from major financial institutions, crypto is going mainstream,” says Stripe in its recently-updated blog post.
Stripe Connect allows customers to spend from cryptocurrency exchanges and the ability to deposit funds in over 45 variations of fiat currency. Stripe Treasury allows businesses to create wallets and allow consumers to earn yield based on decentralized finance applications allowing users to manage cash flow, pay bills and more. Stripe Issuing allows businesses to create virtual and physical cards that can be programmed to only work with specific vendors and hold a limited amount of funds.
“Postmates uses Stripe Issuing to create cards for their fleet of couriers, programmed with custom spend controls that only approve transactions at the courier’s assigned merchant,” as stated on Stripe’s website.
Stripe Identify allows businesses to authenticate ID documentation with a frictionless API that makes verification of users easier for businesses without placing a burden on users not attempting to commit fraudulent transactions. This will help scale digital marketplaces such as those used for non-fungible tokens (NFTs).
Streamlined checkout flows and personalized optimizations leave for a personalized automation allowing businesses to focus on the business, rather than dealing with the intricacies of how to accept emerging forms of payment.
In 2018, Stripe released a blog post in which they stated, “Over the next three months we will work with affected Stripe users to ensure a smooth transition before we stop processing Bitcoin transactions on April 23, 2018.”
The post was updated on Thursday to say, “Since the original publication of this blog post, more than four years ago, we’ve learned that our optimism for the future of crypto was not unfounded.”