Global payments company Checkout.com announced Tuesday the launch of its weekend stablecoin settlement solution to enable businesses to make and receive payments in cryptocurrency, particularly USDC stablecoin.
Checkout’s merchants across the globe can now process crypto transactions with instant conversion to fiat at any time of the day.
Checkout Partners Fireblocks
The online payment processor said it will offer the new payment services through a partnership with crypto infrastructure provider firm Fireblocks.
The collaboration will allow Checkout.com to leverage Fireblocks’ new payout technology to offer merchants 24 hours of crypto payment services, including weekends and holidays.
The partnership with Checkout marks Fireblocks’ first entrance into the world of e-commerce. It also makes Checkout.com the first company to access its new payment technology designed to automatically convert digital assets into fiat currencies upon receipts.
Speaking on the partnership, Fireblock’s VP of Payments Ran Goldi noted that with the launch of web3 the company believes that every business will eventually become a digital asset company someday.
He also highlighted that with the launch of the weekend stablecoin solution, merchants will no longer have to be restricted to arbitrary settlement times.
“Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays, and are further delayed through batch processing over several business days. Checkout.com’s weekend settlement means that merchants are no longer restricted by arbitrary settlement times.” said Goldi.
Checkout to Accept UCDC Only
At first, Checkout.com, valued at $40 billion, will process only USDC payments. However, the online payment company plans to onboard other digital assets in the future.
Stablecoins are digital currencies pegged to the value of another asset or a basket of assets. In the case of USDC, the stablecoin is tied to the value of the U.S dollar. The cryptocurrency is the second-largest stablecoin in the crypto market with a capitalization of around $170 billion.
“Stablecoins started as a fiat-denominated asset used by crypto traders to easily move in and out of more volatile crypto assets. We believe they will also play a fundamental role in improving the underlying payment landscape,” said Joe Start, chief of crypto strategy at Checkout.com.
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