Digital asset custody firm Fireblocks Inc. today launched a new cryptocurrency payments engine and suite of tools for merchants to accept and manage crypto transactions anywhere in the world.
The Fireblocks Payments Engine allows merchants, creators and businesses more easily to transact in digital assets, including the stablecoin USD Coin. Using the platform business can quickly integrate crypto payments into their operations and process them faster, with lower fees and greater transparency.
The launch follows a successful pilot program with early partner Checkout.com, which transacted more than $1 billion in digital assets with merchants throughout the year. Fireblocks partnered with the global payments provider earlier this year to open up new opportunities for e-commerce solutions with USDC stablecoins. Those are a type of cryptocurrency that maintains one-to-one parity with the U.S. dollar so that it always trades for $1 per token.
Today, Fireblocks also welcomed FIS, the largest merchant acquirer in the world, into the network. FIS already provides card-to-crypto processing services for four out of five of the largest cryptocurrency exchanges in the world and was also the first global merchant acquirer to offer USDC settlements.
“In the last several years, critical work has been done in the space to address pieces of the payments system,” said Fireblocks Chief Executive Michael Shaulov. “From stablecoin settlement to cross-border payments to payouts for creators, we believe that the payments system must be addressed holistically, especially as we see digital assets continue to proliferate into mainstream technologies and the global economy.”
A survey from Deloitte titled “Merchants getting ready for crypto,” revealed in June that nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years. This upcoming trend places the Payments Engine and Fireblocks’ partners in a position to capture the incoming merchant processing needs such as reducing operational complexity and dealing with crypto settlements.
The release of the Payment Engine follows the company’s acquisition of First Digital, a payments technology company focused on stablecoins and other cryptocurrencies, that also expanded Fireblocks’ merchant and business payments capabilities. With the acquisition, Fireblocks increased its capabilities for cross-border payments and included added support for the ability to build the ecosystem necessary to support merchants.
“Across the globe, businesses, organizations, local governments and individual consumers are all emphatically embracing new Web3 and digital payments technologies,” said Max Rothman, head of crypto and digital assets at Checkout.com. “To that end, through Checkout.com’s partnership with Fireblocks’ Payments Engine, we are able to pioneer new Web3 solutions for our clients, such as our Stablecoin Settlement solution launched earlier this year. The result is faster, more affordable and more secure transactions.”
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