{"id":29167,"date":"2022-06-07T10:22:12","date_gmt":"2022-06-07T14:22:12","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=29167"},"modified":"2022-06-07T10:22:20","modified_gmt":"2022-06-07T14:22:20","slug":"checkoutcom-fireblocks-partner-to-launch-24-7-stablecoin-settlement","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/checkoutcom-fireblocks-partner-to-launch-24-7-stablecoin-settlement\/","title":{"rendered":"Checkout\u200b.com, Fireblocks partner to launch 24\/7 stablecoin settlement"},"content":{"rendered":"\n
Checkout.com, a global payment processor, in partnership with Fireblocks has launched a new stablecoin <\/a>settlement system that allows merchants to receive crypto payments from their consumers in real-time.<\/h5>\n\n\n\n
\"Checkout\u200b.com,
Checkout\u200b.com, Fireblocks partner to launch 24\/7 stablecoin settlement <\/figcaption><\/figure>\n\n\n\n

The stablecoin settlement system is centered on Circle's USD Coin (USDC), the second-largest stablecoin by market value, and allows businesses to convert USDC payments into cash automatically upon receipt.<\/p>\n\n\n\n

Merchants will have access to the service 24 hours a day, seven days a week, which means payments will be processed on weekends and holidays in addition to regular business hours.<\/p>\n\n\n\n

The payout technology developed by crypto infrastructure provider Fireblocks\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is used in the settlement system. Checkout.com resolved approximately $300 million in USDC transactions through its pilot program with Fireblocks.<\/p>\n\n\n\n

The Checkout.com stablecoin settlement system will initially only serve USDC, but there are plans to expand to a larger range of assets in the future.<\/p>\n\n\n\n

According to Ran Goldi, Fireblocks' vice president of payments, blockchain technology can greatly enhance merchant payment flow. “Payments have always been very fragmented, delayed, and expensive,” Goldi explained. “This first step of using stablecoins to settle merchant transactions is only a small part of what we can do in the payments arena.”<\/p>\n\n\n\n

“Crypto merchants<\/a> have now become incredibly scaled, compared to just five years ago when crypto merchants did not even exist,” Goldi remarked. Merchants' rising demand for stablecoin payouts demonstrates their desire to keep their money and communicate with their providers and counterparties in crypto.”<\/p>\n\n\n\n

About Checkout.com<\/h2>\n\n\n\n

Checkout.com which was rebranded in 2012 as a cloud-based payments system, has made a significant move into digital assets and Web3, forming relationships with prominent crypto firms such as Coinbase, Crypto.com, FTX<\/a>, and MoonPay.<\/p>\n\n\n\n

The company secured a $1 billion Series D financing round in January with a valuation of $40 billion. Despite the fact that cryptocurrency is a new asset class for investors, its utility as a medium of exchange is seen as critical for general acceptance.<\/p>\n\n\n\n

Stablecoins tied to the US dollar have emerged as viable alternatives in emerging nations when access to US dollars is restricted due to capital controls or sanctions<\/a>, and where the local currency is losing purchasing value due to hyperinflation.<\/p>\n\n\n\n

According to Jess Houlgrave, head of crypto strategy at Checkout.com, merchant use of cryptocurrencies marks “a legitimate transition from the early adoption phase to one that is more practical, pragmatic, and positive overall.” She went on to say:<\/p>\n\n\n\n

“This transition means there\u2019s a groundswell in demand for fintech companies<\/a> that can provide easy-to-deploy solutions and services to get merchants up and running with crypto payment options \u2014and then help them optimize the process over time.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Checkout.com, a global payment processor, in partnership with Fireblocks has launched a new stablecoin settlement system that allows merchants to receive crypto payments from their consumers in real-time. The stablecoin settlement system is centered on Circle’s USD Coin (USDC), the second-largest stablecoin by market value, and allows businesses to convert USDC payments into cash automatically […]<\/p>\n","protected":false},"author":12,"featured_media":29169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10426,10427],"class_list":["post-29167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-checkout-com","tag-stablecoin-settlement"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/06\/image-51.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=29167"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/29167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/29169"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=29167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=29167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=29167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}