Stripe, Crypto.com team up on crypto payments for businesses…expanding payments infrastructure

Global payments company Stripe is partnering with crypto exchange Crypto.com to expand crypto payment solutions for businesses. By combining traditional payments infrastructure with crypto payment capabilities, the strategy is to broaden the scope of crypto use across corporate and commerce domains.

According to a report by Cryptopolitan on the 8th (local time), Stripe and Crypto.com said they have signed a strategic partnership and will jointly develop crypto payment and settlement solutions for businesses and institutions. Through the collaboration, Crypto.com Pay is set to be integrated into Stripe’s payments platform.

With the partnership, businesses will be able to offer a range of cryptoassets, including stablecoins, as payment options. Stripe will automatically convert crypto payments into the fiat currency preferred by the business and settle funds into existing bank accounts. This allows companies to adopt crypto payments while keeping their existing accounting and settlement structures intact.

Joe Anzures, Crypto.com’s head of the Americas and vice president of payments, said, “This collaboration aligns with Crypto.com’s goal of expanding access to cryptoassets to consumers and businesses worldwide,” adding that it “will serve as a catalyst for opening a new phase of crypto-enabled commerce.”

Crypto.com plans to leverage Stripe’s technology to help users purchase cryptoassets more easily with credit and debit cards. In particular, it aims to expand card payment options in the US market to lower barriers to entry for buying cryptoassets.

Stripe has recently maintained a steady push into stablecoin payments. Last year, it introduced stablecoin subscription payment functionality and stablecoin account services spanning more than 100 countries, and is also participating with Paradigm in developing a new blockchain network, “Tempo.”