Stripe starts accepting crypto payments again, four years after bitcoin support ended

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Stripe has started accepting cryptocurrency as a form of payment again, four years after the online payment company dropped support for bitcoin (BTC), according to co-founder John Collison.

● “Stripe now supports crypto businesses: exchanges, on-ramps, wallets and non-fungible token marketplaces”, Collison wrote on Twitter on March 10. “Not just payments, but payments, know your customer (KYC) and identity verification, fraud prevention and much more.”

● The Irish-American company ended support for BTC payments in January 2018. It said at the time that the digital asset had “evolved to become better suited to be an asset than a means of payment. ‘exchange”.

● But as transaction fees began to drop and settlement times improved, the e-commerce platform started to integrate crypto payments again.

● According to his websitethe company will enable crypto businesses to “process payments for fiat currencies globally through a single integration with built-in fraud prevention and permission optimization.”

● Stripe, which processes payments for companies like Google and Amazon, said the toolkit for crypto entities includes API integrations such as Stripe Connect, which allows users to pay fiat currencies in more than 45 countries, and Stripe Identity, an identity verification system to curb fraud.

● The company is working with Sam Bankman-Fried’s FTX exchange and Blockchain.com to improve payment processing and create a fiat-to-crypto on-ramp for crypto exchanges. Stripe says this will “broaden consumer access” to digital currencies.

● FTX President Brett Harrison said in a Tweeter in November that the crypto-asset exchange had seen “significantly increased speed of KYC processing,” with Stripe.

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