Stripe, a payments platform, will be offering Bitcoin options to its users through collaboration with payment processor OpenNode. Users will be able to instantly convert fiat payments to Bitcoin.
This service comes with the launch of Stripe Apps and the Stripe App Marketplace. Stripe merchants through the OpenNode app integration will get Bitcoin exposure by automatically converting incoming payments into Bitcoin in real-time or making the conversion on demand. The platform will empower the users with the option to convert a fixed percentage of each incoming payment into Bitcoin. An official statement highlighted that OpenNode, for each Bitcoin request, will initiate an Automated Clearing House (ACH) Direct Debit from the connected bank account. It promises low-cost instant settlements through the Lightning Network.
Stripe, in 2018, had suspended Bitcoin as a payment option because of volatility, limitations in scalability, and limited interest. But now, the payments platform supports crypto businesses, exchanges, on-ramps, wallets, and NFT marketplaces. Stripe offers pay-ins and pay-outs, identity verification, KYC, and fraud prevention among others. The company also partnered with Twitter to enable compensation of creators on its Connect platform via Twitter tips, Super Follows, and ticketed spaces for crypto monetization options.
Stripe, via the new launches, enables businesses to send cryptocurrency payouts to sellers, creators, freelancers, and service providers across the world. Furthermore, Stripe has partnered with FTX and FTX.US for payments and identity verification. It has also shaken hands with Blockchain.com. Stripe’s step back into the crypto space is attributed to heightening customer interest in crypto payments and increasing competition.