Stripe launches payments support for crypto businesses

Payments giant Stripe now supports , including cryptocurrency exchanges, , and NFT marketplaces.

The company’s cofounder John Collison shared the news on Twitter explaining Stripe’s use cases in the Web3 universe. For exchanges, it lets platforms process payments in global fiat currencies smoothly, as well as pay out fiat in more than 45 countries. It also provides a sleek API for digital wallets, allowing users to track and manage their Bitcoin, Ether, and Bored Apes on handy widgets. And NFT marketplaces can leverage Stripe’s Identity feature to quickly verify the authenticity of identity documents from 33 countries, allowing them to vet buyers and sellers.

Such features could combat one of the biggest problems in the cryptosphere today: the risk of fraud. As the industry has become more mainstream, scammers have multiplied rapidly in hopes of taking advantage of confusion and naivety in the nascent space and unfortunately, many have succeeded.

According to data from analytics firm Chainalysis, crypto-criminals bagged a record $14 billion in 2021, as losses from scams and theft grew 79% from the year before.

You might also like

Comments are closed.