Stripe Announces Support for Fiat Payments to Cryptocurrencies and NFTs

U.S.-based fintech giant Stripe has significantly stepped up its cryptocurrency initiatives after launching a service that enables payments for NFTs and digital assets via fiat currencies.

Businesses can use Stripe's new application programming interface (API) to accept fiat for cryptocurrency, offer digital wallets, pay users in fiat, leverage identity and know-your-customer (KYC) solutions, and use data to detect and stop fraud sex trade.

On March 11, Stripe co-founder John Collinson shared a statement on Twitter that the company has also partnered with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch an encryption business suite.

Stripe now supports crypto businesses: exchanges, fiat onramps, wallets, and NFT marketplaces. Not just about deposits, but payments, KYC, identity verification, fraud prevention, and more.

— John Collison (@collision) March 10, 2022

Commenting on the partnership, FTX’s head of strategy, Tristan Yver, emphasized that the deal will help the company attract a wider audience of mainstream users, making it easier for users to buy crypto assets:

“We’ve optimized payment setup with Stripe and provided a smooth onboarding experience for FTX’s growing customer demand. We’ve been able to grow revenue by making it easier than ever for people to invest in crypto.”

As part of the move, Stripe is also launching collectible NFTs called “Cube Thingies” via Nifty Gateway. The minting cost of each NFT is between $242.42 and $424.24, and all proceeds from the sale will be donated to Watsi, a non-profit medical technology organization.

Stripe originally launched support for bitcoin in 2014, but reversed that decision four years later due to the network's slow transaction speeds and high fees.

However, the company did say it would re-enter the space once crypto payments become more viable. Since the end of 2021, the company has been gradually returning to the encryption field. Cointelegraph reported last October that Stripe was building a team to offer crypto payments to users.

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