Fireblocks, a digital asset security platform, today unveiled a new suite of tools designed to help Payment Service Providers (PSPs) offer an end-to-end solution for accepting, managing and paying merchants, entrepreneurs and creators. announced. Global crypto trading.
dubbing payment engineAccording to Fireblocks, the new solution has been in testing for the past six months, with digital payment provider Checkout.out joining as an initial design partner and pilot participant, having settled $1 billion in transactions to date.
At today’s launch, world pay—a payment processing company acquired by Fidelity Information Services (FIS) in 2019—will join as a network partner, also helping Fireblocks iterate and improve Payments Engine.
Fireblocks CEO Michael Shausov said in a statement: “From stablecoin payments to cross-border payments to payments to creators, we believe payment systems need to be addressed holistically, especially as digital assets continue to proliferate into mainstream technology and the global economy. I have.”
Fireblocks supports 1,300 tokens
As a blockchain-agnostic solution, payment engines currently support All 42 networks There are over 1,300 tokens available on Fireblocks, and the number of available cryptocurrencies is set to increase as the Fireblocks platform features more blockchains and tokens.
“The payment engine will enable fiat-to-crypto merchant settlements and fiat-to-fiat cross-border transfers, using digital assets in the middle, the most difficult stage of the payment process. It solves the movement of funds across borders,” said Lang. His Goldi VP of Payments at Fireblocks said: Decryption on mail.
Merchants that allow their customers to pay in virtual currency may choose to receive payments in fiat currency, while creators who are paid for their engagement with their content may choose to pay in fiat currency through Fireblocks Network’s local partners. You can receive payments in virtual currency with the option to convert to .
However, the type of tokens used to settle payments with merchants depends on the payment service provider and the types of cryptocurrencies available to customers.
According to Fireblocks, Worldpay and Checkout.com are now primarily USDC A stablecoin for merchant payments.
Another benefit of the Payments Engine highlighted by Fireblocks is that it allows merchants to accept cryptocurrencies as a payment method with significantly lower processing fees.
“Traditional card processors typically charge between 1% and 3% per transaction, while PSPs using crypto-acceptance solutions charge 0.2%, primarily to cover card network fees that must be paid to Visa/Mastercard. We charge between % and 0.5% – more than 80%. Reduced fees,” said Goldi.
in light of July report by Deloitte Saying that more than 75% of retailers plan to adopt cryptographic payment services within the next two years, Nabil Manji, head of crypto and Web3 at FIS, said: He expressed his enthusiasm about the “massive migration of
“We will enable crypto-native and traditional businesses to accept, manage and settle digital assets and choose their preferred currency for doing business,” Manzi said in a statement.