The online business payments giant Stripe has announced that it’s releasing a platform that will make it easy for customers to carry out cryptocurrencies and NFT transactions.
Stripe’s Crypto Business Suite
Stripe announced yesterday, 10th March, that it has partnered up with FTX, Blockchain.com, Nifty Gateway, and Just Mining to help launch its so-called crypto business suite. The business suite will give customers access to online tools allowing them to trade, store and cash out cryptocurrencies and NFTs.
According to the official announcement, the platform will allow customers to buy over 135 cryptocurrencies using fiat in some 180 countries.
To celebrate the platform’s launch and specifically its support for NFTs, Stripe organized its own NFT drop. Stripe dropped the “Cube Thingies” NFT collection on the Nifty Gateway. “Cube Thingies” cost between $242-424 each. Moreover, all the money made from the auction will go to the non-profit healthcare company Watsi.
John Collison, Stripe’s co-founder, took to Twitter to give more details on the crypto suite. He wrote that Stripe would also support know-your-customer (KYC) verification procedures and fraud protection measures.
The cryptocurrency exchange FTX said they are partnering with Stripe to help them improve identity compliance features such as KYC.
Stripe Previously Dumped BTC Support
It’s worth noting that this announcement was not the first time Stripe hit the crypto headlines.
In 2014 the platform announced it would support BTC transactions. However, four years later, in 2018, the team declared that it was dumping Bitcoin payments. That was due to its volatile nature, low transaction speed, and expensiveness.
“Over the past year or two, as block size limits have been reached, Bitcoin has evolved to become better-suited to being an asset than being a means of exchange”.This is what Tom Karlo, Stripe’s product manager, wrote in a 2018 Stripe blog post.
He added: “Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.”
Why Did Stripe Change Direction?
Yesterday, on the back of the announcement of the business suite, Tom updated his blog post from January 2018. “New developments in blockchain infrastructure to widespread interest from major financial institutions, crypto is going mainstream.” Judging by Tom’s post, Stripe underestimated how quickly far Bitcoin and crypto adoption would go in the years following 2018.
Bitcoin’s market cap was around $230 million when Stripe announced it would drop its support for BTC. Now it’s floating around $720 million, according to CoinGecko.
The backtracking from Stripe is not entirely unexpected. For example, when they announced it would end support for Bitcoin payments on its platform, they added that they hoped it was only temporary.
Furthermore, there’s a belief Stripe have been waiting for crypto to become a more viable payment method. According to Cointelegraph, they’ve been building a team to create a crypto payment platform since 2021.
What Does This Mean For The Crypto Market?
The cryptocurrency market has been in a slump since the start of 2022. We are all impatiently waiting for a change in sentiment. Analysts believe that mainstream adoption could be one of the keys to driving cryptocurrency prices higher.
Stripe’s announcement is a move in the right direction regarding businesses adopting cryptocurrencies as an alternative payment method to fiat.
According to Forbes, Stripe has a market capitalization of just under $100 billion. Furthermore, it works with companies of all sizes to help them accept online payments. By making it more accessible for companies to accept payment in cryptocurrencies, Stripe is helping bring crypto into the mainstream.
If Stripe’s business suite is successful, then other online payments companies are likely to consider launching similar projects of their own. This will only further the adoption of crypto as a payment method. In addition, if companies that receive payments online are impressed by services like the one provided by Stripe, they are more likely to adopt crypto payment solutions.
If you feel confident about the future of cryptocurrencies and want to exchange tokens with low fees, you should check out Swapzone’s exchange aggregator service.
Swapzone’s Exchange Service
Swapzone compares the best exchange rates, transaction speeds, and reviews to provide you with the cheapest swap service on the web. You can trade dozens of cryptos using the site’s smooth interface, which provides you with an estimated exchange rate before you commit to the swap. Here’s how you can do it:
- Open Swapzone in your browser.
- Choose the type of cryptocurrency and the amount you want to swap in the “Select a pair” section.
- Choose BTC (or any other crypto) from the “Get up to” column.
- Different platforms will offer you different BTC exchange rates, so filter the many trade offers based on price or transaction time.
- Simply select the offer you want and click “Exchange” once you’ve found it.
- After that, select “Proceed to exchange” and provide your wallet information.
- Wait for the transfer to complete.
- You will get the BTC coins in your wallet once the transaction completes.
- If you want, rate your experience and provide a candid evaluation.