Fireblocks Integrates Crypto-Payment Engine
Crypto payment methods just got easier with the new payment engine from Fireblocks. It is a boon for merchants and entrepreneurs looking to integrate crypto payment into transaction services. Crypto payment methods are growing in popularity, and with businesses adopting them in ever greater numbers, merchants would do well to follow this new trend.
What is Fireblocks?
Fireblocks is a digital asset security platform that provides crypto payment options for 1,300 companies. Their users are both from web3 – such as Animoca Brands – as well as traditional institutions – such as the French banking conglomerate, BNB Paribas.
Fireblocks powers monetary transactions from small retailers up to large hedge funds. Furthermore, it supports DeFi staking, direct custody, and tokenization, which are foundational to decentralized finance.
The company partnered with Worldpay, a payment service provider, to create its native application known as Payments Engine. After a six month beta test, the platform has so far settled $1 billion in transactions.
Fireblocks Network
There are many similarities between digital asset custody and traditional asset custody. Third parties securely hold assets for investors while maintaining the investor’s ability to buy and sell their assets at will.
The major difference between holding physical assets versus digital assets is security. Fireblocks has built a robust system to maintain security and offer the same services with cryptographic encryption.
Payment service providers
Web3 technologies such as digital real estate, crypto staking, lending, and other virtual goods and services, and crypto payment methods are becoming paramount for merchants and payment service providers.
Ironically, traditional payment service providers that are best positioned to offer this service have rejected doing so. Whatever their reasons may be, new web3 companies are moving fast to fill the gap and provide better services for customers and business owners in web3.
The future of crypto payment methods
Looking ahead, payment methods are going to continue to become more digital because products are becoming more digital. Merchants and enterprises have to be able to offer commensurate services.
Fireblocks CEO Michael Shaulov stated his belief in the continued need to integrate more streamlined payment systems. He has stated, “From stablecoin settlement to cross-border payments to payouts for creators, we believe that the payments system must be addressed holistically, especially as we see digital assets continue to proliferate into mainstream technologies and the global economy.”
With a streamlined platform like Payment Engine, checkout for consumers will be practical and accessible in most businesses. As of now, paying for items with crypto is clunky; wallets are confusing to manage, hard wallets can be complex to use, and paying with bitcoin in particular can take hours to complete a transaction. In order to make an economy work in the metaverse or web3 generally, will depend a lot on how well these types of transactions can execute.
