One of the most valuable fintech startups is ready to make its entrance into the Web3 space; Stripe has finalized partnerships to help its Web3 push
Stripe: Fintech at its finest
Stripe, Inc is one of the most exciting companies globally; it is an Irish-American financial services provider with headquarters in Dublin, Ireland, and San Francisco, United States. Stripe offers Software as a service (SaaS) and spends a considerable amount of its resources on payment processing software, application programming interfaces (APIs) for e-commerce applications, and more.
Stripe is one company that knows how to capitalize on opportunities when they are available, and it has come a long way since its launch in 2009 by the Collison brothers. Growth is paramount to this company, and it has some of the most impressive strategies to help achieve its growth goals. It does not shy away from partnerships and acquisitions, and since its first acquisition in 2013, has not looked back.
On 10 March 2022, Stripe launched its crypto services, allowing businesses to use Stripe as a payment gateway for NFT and Crypto transactions. As part of its new Crypto product, it will offer payout services for Web3 companies, fraud protection, and know-your-customer (KYC).
John Collision, co-founder, shared this tweet regarding its new product; “Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more.”
Partnership for the Goals
Goal 17 of the UN SDGs is, partnership for the goals, and Stripe seems to take this goal to heart and to help facilitate its Web3 services, it announced that it has partnerships in place with NFT and Crypto stakeholders like Blockchain.com, Nifty Gateway, Just Mining, FTX US, and FTX.
Suppose you own a business that accepts crypto, you can integrate Stripe’s new API to enable your business to provide digital wallets, accept fiat for crypto, payout fiat for crypto, and more. Stripe’s entry into the space is exciting, and it serves as somewhat of a recommendation to industry skeptics.
The company was involved in the crypto space in the past; it initially launched BTC support in 2014 and offered this service until 2018 when it had to exit the space due to slow transaction speeds and exorbitant fees – problems that have been solved as of 2022.
Stripe NFT Project
As part of its crypto and NFT-related announcement, Stripe also debuted its NFT collectibles known as “Cube Thingies,” and you can access these NFTs via Nifty Gateway, one of Stripe’s new partners. Each NFT costs between $242.42 to $424.24 to mint, and the best part about this project is that 100% of proceeds will be donated to Watsi, a nonprofit health organization.
When Stripe exited the crypto space in 2018, it promised to return when the technology behind most networks improved. In October 2021, Stripe announced that it was in the process of building a team to help develop its Web3 payment services.