Fireblocks Debut Crypto Payments Engine After Successful Trial With Checkout.com
Godfrey Benjamin Oct 24, 2022 19:30
Fireblocks is expanding its crypto offerings with new payment engine
Multi-billion dollar crypto infrastructure services provider, Fireblocks is officially launching its crypto payments engine as it seeks to expand its broad influence in the space.
The new payment engine is specifically designed for merchants, and the launch was fueled after the successful trial of the engine with Checkout.com.
The pilot test with Checkout.com has seen as much as $1 billion settled by the duo, giving the confidence that the service is mass tested for the broader payment industry. As confirmed by Ran Goldi, Fireblocks’ vice president of payments, the service is “Token Agnostic” which means merchants will be able to choose any type of digital currencies they wish to support.
Fireblocks’ is commencing the payment service with FIS’s WorldPay, one of the biggest payment processing companies in the world. As an infrastructure service provider that was built to support massive scaling, the Fireblocks payment solution is well-suited for the global payment ecosystem.
Fireblocks’ primary business offering did not initially include payments, but this notably became the new focus for the company when it completed the acquisition of First Digital, a stablecoin processing firm. As reported by Blockchain.News at the time, the acquisition was valued at $100 million.
According to Goldi, the new service will prioritize stablecoins for now except merchants choose their preferred digital currencies to support. The reason for this conservative embrace is because of the regulatory difference across jurisdictions.
Many merchants are beginning to warm up to the prospect of accepting digital currencies as payments. Infact, several surveys have confirmed that the majority of supermarkets, retailers, and payment processors have either laid out strategies to accept crypto as payments or are in the process of doing so.
With Fireblocks’ new venture into the space, the company will now be competing with existing payment processors in the space including but not limited to BitPay and CoinPayments.
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