Stripe is teaming up with Crypto.com, enabling the exchange to incorporate Stripe’s payment solutions.
The integration will appear as a new payment option on the checkout pages of participating Stripe merchants that currently use its payment interface.
The move means that shoppers will be able to pay for everyday goods and services using their cryptocurrency balances at merchants using Stripe throughout the US, without having to convert them to fiat currency first.
Starting this month in the US, the integration aims to advance Crypto.com’s mission to put “cryptocurrencies in every wallet” as consumer demand for cryptocurrency payment options continues to grow, the exchange said in a statement.
Crypto.com users will be able scan a QR code, confirm payment in the Crypto.com app, and complete the purchase using their crypto balance.
The integration will initially launch in the US, with plans to expand quickly to other countries, the crypto exchange said.
The crypto firm stated that the process aims to be as simple as using a digital wallet, making it easier for merchants to accept cryptocurrency payments while helping them attract a new customer segment and drive conversions.
Crypto.com is a cryptocurrency exchange and financial platform which has grown to become one of the world’s largest cryptocurrency exchanges, currently serving millions of users globally.
On Crypto.com, users can buy, sell, trade and store digital assets like Bitcoin and Ethereum.
It also offers other services including crypto Visa card, staking, an NFT marketplace and a DeFi wallet.
“With Stripe’s technology and trust in the payments space, we’re able to offer our users unprecedented access to spend their crypto in the real world, furthering adoption and utility of digital currencies,” said Joe Anzures, executive vice president of payments and general manager of Americas at Crypto.com.
The partnership comes as cryptocurrency becomes more popular for everyday payments in the US.
Last October, Walmart’s OnePay announced that it intended to offer cryptocurrency trading and custody services on its mobile app.
CNBC reported that OnePay will offer customers access to bitcoin and ethereum by the end of the year, with the help of crypto infrastructure company Zerohash, citing sources familiar with the matter.
Founded by Walmart and venture capital firm Ribbit Capital in 2021, OnePay is a financial platform and credit card programme developed in collaboration with Synchrony and Mastercard, which integrates various financial services into a single app including high-yield savings accounts, BNPL loans, digital wallets and debit and credit cards.
