Sunday, November 27, 2022

Checkout.com integrates Fireblocks’ crypto tech for 24/7 payments

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Checkout.com, a global payments processor currently handling billions in online payments for merchants, has announced a new stablecoin settlement solution that will offer 24/7 payments processing for customers.

The settlement system will be powered by crypto payments technology from blockchain security platform Fireblocks, and will see merchants enjoy seamless and flexible access to cash flow – all in real-time.

The technology, according to details shared by the UK-headquartered company, will offer merchants the benefit of automatic conversion of funds received from customers – in this case from received stablecoin into fiat.

Merchants will also benefit from faster, on-chain and borderless payments settlement.

Initial support for USD Coin (USDC)

Checkout.com will use USD Coin (USDC), a fully collateralized stablecoin pegged on the US dollar and which is currently the second-largest in the sector in terms of market capitalization.

 Checkout.com said it has processed over $300 million via USDC during the new system’s beta program.

Jess Houlgrave, Head of Crypto Strategy at Checkout.com noted that the company was “investing heavily to ensure we can fulfil our mission to enable businesses and their communities to thrive in the digital economy – which we believe includes Web3 and as we see the market reaction, we hope to see more merchants, both crypto native and non-crypto native adopt this.”

Apart from USDC, the firm plans to support other digital assets and has a pilot project involving multiple crypto exchanges and merchants. 

Crypto exchange FTX is reportedly at the forefront of its plans to expand the initiative globally, with other players including Binance and Crypto.com.

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