International financial technology company Checkout.com, a payment processing company, has made it possible for customers to use the popular USDC stablecoin as a payment method. The offer became available after entering into a partnership with Fireblocks, a cryptographic security firm.
Say yes to USD payments
checkout.com disclosed that merchants will be allowed to use the new offer 24/7, including weekends and holidays. Traders who accept the Circle stablecoin as a means of payment will be able to convert the funds directly into fiat currency. The company emphasized that it was the first in its field to gain access to the Fireblocks cryptocurrency payout technology.
The firm has already facilitated over $300 million in US dollar settlements. During these transactions, Checkout.com “validated, improved and optimized” the initiative so that it could be successfully presented to customers.
Ran Goldie, VP of Payments at Fireblocks, believes that Checkout.com’s stablecoin interaction will bring certain benefits to customers and merchants, since transactions are usually available on weekdays from 9:00 to 17:00:
“Checkout.com weekend settlement means merchants are no longer constrained by arbitrary settlement times. With the deep knowledge and experience of our in-house team in the digital asset payments space, Fireblocks looks forward to our continued collaboration with Checkout.com to bring even more revolutionary payment solutions.”
For his part, Joe Start, head of international expansion and partnerships at Transak, revealed that the cryptocurrency offering will initially only support USDC. However, it may “expand to a wider range of assets” over time.
Ever since the collapse of Terra’s algorithmic stablecoin – UST – many people have wondered if all types of stablecoins could work in the financial system. However, there is a definite difference between UST and USDC as the former was based on an algorithmic code while the latter is a 1:1 stablecoin backed by the US dollar.
According to Jess Holgrave, Head of Crypto Strategy at Checkout.com, regular stablecoins like USDC will improve the “core payment landscape.”
“We are investing heavily to ensure we can fulfill our mission to enable businesses and their communities to thrive in the digital economy that we believe includes Web3, and seeing the market reaction, we hope to see more sellers like cryptocurrencies. so non-crypto-carriers accept it,” she concluded.
Checkout.com is valued at $40 billion and is one of the leading companies in its sector. He has done deals with Visa, Mastercard, Alipay and WeChat over the years. Some of his most popular clients include Netflix, Pizza Hut and H&M.
Stripe’s interaction with USDC
In April of this year, US fintech firm Stripe teamed up with Twitter to allow a select group of creators to send and receive Circle stablecoin payments through its Connect settlement platform.
The firm used the Polygon network as it provides “low gas fees, high speeds, broad wallet compatibility, and integration with Ethereum.”
USDC is pegged to the US dollar and is backed by cash and short-term US government bonds as collateral. Each token in circulation contains $1 as collateral. With this in mind, Stripe considers the price of the asset to be stable and launched its cryptocurrency payment offering with it. It stated that other digital currencies may be added in the future.
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Credit : cryptopotato.com