Last updated on November 17th, 2022 at 12:29 pm
Checkout.com, a well-known payments company valued at $40 billion, now accepts and processes cryptocurrency payments. It is one of the latest online payment startups to incorporate cryptocurrencies into its payment structure.
The company will allow its merchants to accept stablecoins from clients. This will be accomplished through the company’s partnership with Fireblocks, a blockchain security organization.
With this move, Checkout.com has become one of the latest payment startups to adopt cryptocurrency payments, especially as it is already settling payments in USDC.
Checkout.com is not the first online payment firm to process cryptocurrency payments, as competitors like Stripe already offer this service.
At the moment, Checkout.com accepts only one type of cryptocurrency, which is the USDC stablecoin.
Over time, USD Coin has become a notable stablecoin preferred by many because it is pegged to the United States dollar and is more transparent than other stablecoins. As a stablecoin, it is more widely accepted than other types of cryptocurrency because it reduces the risk of volatility.
Before releasing the feature to the public, the financial firm disclosed that it organized a test run with a few clients to evaluate the new service.
As a result of the decision to incorporate USDC, merchants that use Checkout.com can settle payments any day, including weekends and public holidays.
The Head of Strategy at Checkout.com, Jess Houlgrave, noted that cryptocurrencies make it easier for merchants to access their funds instantly, unlike traditional means of payment such as Mastercard and banks.
She added, “Between the time that they’ve sent the bitcoin and the time that they receive those funds, they have a working capital constraint.”
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