As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find Stripe’s recent moves in the crypto sector nothing short of intriguing. Having navigated through multiple bull and bear markets, I can attest that the integration of stablecoins into mainstream payment solutions is a significant stride towards mass adoption.
According to unidentified sources knowledgeable about the matter, it appears that Stripe, a well-known payments processing firm, might be in discussions to buy Bridge, a platform specializing in stablecoins.
As reported by Bloomberg, the deal is still under negotiation, meaning either side might choose to withdraw before signing anything.
The possibility of Stripe purchasing a company arises as they prepare to return to the digital asset industry, having been away from offering cryptocurrency payment services for a span of six years.
Stripe makes crypto moves
Previously this year, the co-founder of Stripe, John Collison, disclosed their intent to offer stablecoin services for the first time in six years. In his announcement, he clarified that these stablecoin transactions through Stripe would instantly settle on the blockchain and automatically convert to fiat currency.
In June 2024, Stripe and Coinbase joined forces to establish fiat-to-crypto entryways and exitways for their respective customers. This collaboration resulted in rapid settlement periods and substantially reduced transaction fees through the use of stablecoins, benefiting clients residing in more than 150 countries worldwide.
On October 9th, Stripe started accepting stablecoin payments through its primary payment interface by incorporating Circle’s US Dollar (USDC) stablecoin. After integrating USDC, users from over 70 countries participated in stablecoin transactions on the initial day – demonstrating growing global interest in digital representations of traditional currencies.
For people involved in international transfers, it’s crucial to know that these transactions often involve substantial fees and delays of several days for completion. Particularly noteworthy is that bypassing the high fees associated with remittances can be achieved, as these fees significantly reduce the amount sent to family members, and sometimes even make smaller remittances impractical.
A few days following the activation of the USDC integration, Paxos, the entity behind the Pax Dollar (USDP) stablecoin, launched a novel platform for making payments using stablecoins.
The upcoming platform is designed primarily to cater to Payment Service Providers, enabling them to integrate the Paxos Application Programming Interface (API), for the purpose of utilizing stablecoin services. It’s not so much aimed at individual users or small businesses.
In the course of their recent announcement, Paxos disclosed that Stripe was the pioneer in incorporating the Paxos API within their business functions.
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2024-10-17 23:46