Fireblocks launches crypto payment solution for merchants
Digital asset custody firm Fireblocks Inc. today launched a new cryptocurrency payment engine and suite of tools for merchants to accept and manage crypto transactions anywhere in the world.
Fireblocks Payments Engine makes it easier for merchants, creators and businesses to transact digital assets, including the stablecoin USD Coin. Using the platform, businesses 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 payment provider earlier this year to open up new opportunities for e-commerce solutions with USDC stablecoins. These are a type of cryptocurrency that maintains one-to-one parity with the US dollar, so it always trades for $1 per token.
Today, Fireblocks also welcomed FIS, the largest buyer 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 acquirer to offer USDC settlement.
“In recent years, critical work has been done in the space to address parts of the payment system,” said Fireblock CEO Michael Shaulov. “From stablecoin settlements to cross-border payments to creator payouts, we believe the payments system needs to be addressed holistically, especially as we see digital assets continue to permeate mainstream technologies and the global economy.”
A Deloitte survey titled “Merchants getting ready for crypto,” revealed in June that nearly 75% of merchants plan to accept either cryptocurrency or stablecoin payments in the next two years. This upcoming trend puts Payments Engine and Fireblocks’ partners in a position to capture incoming merchant processing needs such as reducing operational complexity and managing crypto settlements.
The release of the payment engine follows the company’s acquisition of First Digital, a payment technology company focused on stablecoins and other cryptocurrencies, which also expanded Fireblocks’ payment capabilities for merchants and businesses. With the acquisition, Fireblocks increased its cross-border payments capabilities and included additional 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 payment 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 customers, such as our Stablecoin Settlement solution launched earlier this year. The result is faster, cheaper and more secure transactions.”
