- Checkout.com, a payments platform has announced that it making crypto a big part of its settlement methods
- The company said it will roll out the feature globally after it has completed its test run with selected merchants where it facilitated $300 million transactions
- Checkout.com is valued at $40 billion and plays in the same industry as PayPal and Stripe, two global giants
Paypal and Stripe rival, Checkout.com has announced it will begin to settle payments for its merchants 24/7 with stablecoins, making it one of the last financial services companies to take the risk into crypto.
The $40 billion startup said on Tuesday, June 7, 2022, that it is launching a feature that lets businesses accept and make payments in USD Coin, a prominent stablecoin that is pegged to the US dollar, CNBC report says.
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No need to go through banks
The company stated that it is providing the new payment means through a collaboration with Fireblocks, a crypto-security company.
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Stablecoins are a critical part of the crypto industry which helps investors trade in and out of digital assets and currencies quickly without going through the banks.
USDC is the world’s second-biggest stablecoin, with a circulating supply of $50 billion.
The payment feature will let traders settle payments even on weekends and public holidays, which only happens with fiat currencies, says Jess Houlgrave, Checkout.com’s head of crypto strategy.
Works like Visa and Mastercard
Using the example of someone buying bitcoin from a crypto exchange, Houlgrave said the user can get their bitcoin right away like the way banks work with Visa and Mastercard and operate as means of payment.
The company said it has run a test of the feature privately with some clients where it facilitated about $300 million in transaction volumes in the last few months.
Checkout.com says it plans to roll out the feature globally, using the Bahamas-based crypto exchange platform, FTX.
Binance CEO: I don't have money in any currency, only in crypto
Recall that Legit.ng has reported that the Chief Executive Officer (CEO) of Binance, Changpeng Zhao said all his money has been tied down in cryptos despite the markets going down after it briefly hit $32,000 trading volume.
Zhao believes the market will rebound in the long run, insisting that the asset is an investment as well as a currency and that the crypto industry will continue its growth irrespective of its volatility.
In a recent interview with CNBC, Zhao stated why he uses cryptocurrencies to buy Burritos.