Checkout.com will now be able to offer merchants instant fiat-to-stablecoin conversion for customer payments by using Fireblocks’ crypto payment tech, according to a statement Tuesday.
For Fireblocks, the expansion into payments comes after the company acquired First Digital, a payments technology firm focused on making crypto and stablecoin usage compatible with merchants and cross-border use cases. The deal was part of a plan to assist Fireblocks in expanding support for business-to-consumer payments using USD coin (USDC), celo and other stablecoins and cryptocurrencies.
“Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays and are further delayed through batch processing over several business days,” said Ran Goldi, Fireblocks vice president of payments. “Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times.”
The move also comes as various payment firms seek to bridge the gap between fiat and crypto payment options. Stripe said in April it will utilize Polygon in a move that will enable customers to pay sellers, freelancers, content creators and service providers in crypto. Initial payouts will be made using USDC stablecoins native to Polygon’s network and through Polygon-compatible wallets.
In a beta run, Checkout.com “successfully” tested ways for customers’ fiat transactions to utilize payments for merchants through USDC.
To date, Checkout.com has facilitated settlement of more than $300 million in a beta program using USDC, the statement noted.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.