London-based payments solutions provider Checkout.com unveils its stablecoin settlement solution by leveraging Fireblocks’ new crypto payment technology.
This offers merchants the flexibility of 24/7 settlement including weekends and holidays — increasing access to cashflow and significantly reducing operational complexity.
Checkout.com said that it is the first payments services provider to have access to Fireblocks’ crypto payouts technology.
With this access, Checkout.com added that it is also the first to successfully deploy automatic fiat to stablecoin conversion for their merchants as they receive and process funds from customers.
To date, Checkout.com has facilitated settlement of over US$300 million using USDC, a fully collateralised and redeemable USD-pegged stablecoin, via its private stablecoins settlement beta program.
During the beta, Checkout.com successfully tested, refined and optimised ways for customers’ online fiat transactions to be paid to merchants through USDC.
In addition, Checkout.com’s integration with Fireblocks marks the crypto technology provider’s expansion into the payments space following the acquisition of First Digital earlier this year.
Fireblocks’ new crypto payment technology is only available to select PSPs with additional payment capabilities and tools for business to be unveiled later this year.
Checkout.com is among the early PSP partners to deploy this new technology.
“ Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times.
With our in-house team’s deep knowledge and expertise in digital asset payments, Fireblocks looks forward to our continued collaboration with Checkout.com to bring even more game-changing solutions to the payments space.”
said Ran Goldi, Vice President of Payments at Fireblocks.
“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets but we believe they will also play a fundamental role in improving the underlying payment landscape— the fact that we’re the first full stack payments provider to successfully pilot an end-to-end solution with weekend merchant-side settlement capability is testament to our commitment to crypto3.
We’re investing heavily to ensure we can fulfil our mission to enable businesses and their communities to thrive in the digital economy – which we believe includes Web3 and as we see the market reaction, we hope to see more merchants, both crypto native and non crypto native adopt this.”
said Jess Houlgrave, Head of Crypto Strategy at Checkout.com.
Featured image credit: Unsplash
