Stripe Banks on Security Features for Crypto Businesses as Platform Refreshes Services List

Stripe claims to be helping crypto businesses and investors from over 180 nations to change crypto assets into fiat currencies.

By Radhika Parashar | Updated: 11 March 2022 18:54 IST

Stripe Banks on Security Features for Crypto Businesses as Platform Refreshes Services List

Photo Credit: Facebook/ Stripe

Founded in 2009, Stripe has a market valuation of over $95 billion

Highlights

Stripe is rolling out new services for crypto exchanges, NFT sellers
Stripe will provide crypto-to-fiat transitions to users
Stripe’s new features focussed on helping crypto businesses

Stripe, a US-based online payments platform, is narrowing down on adding more crypto-related services for its users. The company is relying on its security features like fraud prevention and authorisation optimisation to attract crypto businesses like exchanges, wallet providers, and NFT marketplaces to link their finances with Stripe. The digital payments major has already joined hands with Bahamian cryptocurrency exchange FTX to build its fiat-to-crypto route. New crypto-centric features on Stripe come in the backdrop of US authorities validating the crypto space by initiating research and development in the sector.

The platform claims to be extending support for crypto businesses as well as investors from over 180 nations to change crypto assets into fiat currencies.

“Our payments platform is designed to increase conversion and reduce fraud streamlined checkout flows, fraud prevention, issuer-level optimisations, and more so that you can focus on building the next big thing. With ‘Connect', pay out fiat currencies in 45+ countries,” the Stripe website reads.

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While Stripe's ‘Connect' feature allows users to pay out fiat currencies, its Identity add-on is a verification system to mitigate fraud.

The company had been planning to make inroads into the crypto sector once again after it began accepting Bitcoin payments in 2018, but discontinued the practice briefly.

The company also put in place a special team dedicated to research on the crypto space as well as to explore the “web3” concept – which refers to the decentralised future of the Internet as we know today.

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Stripe, founded in 2010, reportedly emerged to be the largest privately-held fintech company in the US with a market valuation of $95 billion (roughly Rs. 7,07,598 crore).

Meanwhile, the crypto sector has been roping in subtle acceptance from the US government.

Earlier this week for instance, US President Joe Biden signed executive orders on government oversight of the cryptocurrency industry, while Dubai got a set of new regulatory frameworks.

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Further reading: Cryptocurrency, Stripe, Fiat Currency, Crypto Services, Bitcoin

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More