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Tuesday, March 28, 2023

Checkout.com Reveals Merchants Can Accept and Make Payments in USDC

Checkout.com Reveals Merchants Can Accept and Make Payments in USDC – Checkout.com has stated that for merchant payments, it will use USDC. Businesses would be able to make and accept payments in Circle’s stablecoin usd coin, according to the company, which was founded in 2009 by Guillaume Pousaz.

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Checkout.com has partnered with Fireblocks, a crypto custody service provider that recently released an institutional suite of Web3 services, to offer a new stablecoin settlement service.

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Coins.ph announced a partnership with Fireblocks on the same day as Checkout.com, revealing that the fiat and crypto wallet service provider will integrate Fireblocks’ custody management into Coins.ph’s platform. Checkout.com new USDC payment service, according to Ran Goldi, Fireblocks’ vice president of payments, will allow for substantially faster settlement times and during non-banking hours.

“Traditionally, merchant payouts are limited to 9-5 on weekdays excluding public holidays, and batch processing takes several business days,” Goldi said in a statement on Tuesday. “With Weekend Settlement on Checkout.com, retailers are no longer bound by restrictive settlement times.”

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Select Checkout.com customers have already tested the new USDC feature in a beta version of the service, according to the announcement. According to the company’s release, “during the beta, Checkout.com successfully tested, refined, and optimized ways for customers’ online fiat transactions to be paid to merchants via USDC.” Stablecoins, according to Jess Houlgrave, the head of crypto strategy at Checkout.com, provide a number of benefits.

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“Stablecoins began as a fiat-denominated asset used by crypto traders to conveniently move in and out of more volatile crypto assets,” Houlgrave explained, “but we believe they would also play a fundamental role in enhancing the underlying payment landscape.” “Our commitment to crypto is demonstrated by 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.”

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