Observed Signal · Jun 7, 2022 · Product Launch · Source: Trending Topics · Impact: 2/5 · Sentiment: Neutral
Checkout.com Launches USDC Stablecoin Payments via Fireblocks Partnership
UK-based payment company Checkout.com has partnered with Fireblocks to enable merchants to accept payments in USD Coin (USDC), a dollar-pegged stablecoin. The company, which raised $1 billion in a January 2022 Series D round at a $40 billion valuation, says it is the first full-stack payment provider to pilot end-to-end settlement on the merchant side over a weekend. The goal is to let payments settle on weekends and public holidays when traditional banks are closed. Crypto exchange FTX will be among the first customers; test transactions worth $300 million were settled in USDC. USDC is issued by Coinbase and Circle. Checkout.com's crypto strategy lead Jess Houlgrave emphasised the company's commitment to crypto. The move follows the UST/LUNA collapse, with USDC positioning itself as a transparent, US-regulated alternative to Tether.
Expansion of payment infrastructure into stablecoins is relevant to the e-commerce and transaction layer of the digital ecosystem, but has limited direct impact on advertising technology or media.
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Key Takeaways & Evidence Grounding
- Checkout.com raised $1 billion in Series D funding at a $40 billion valuation in January 2022.
- Checkout.com partnered with Fireblocks to introduce USDC stablecoin payments for merchants.
- Checkout.com processed $300 million in test transactions using USDC.
- FTX will be one of the first customers for the new USDC settlement offering.
- USDC is a dollar-pegged stablecoin backed by Coinbase and Circle.
Connected Companies & Entities
7 Entities mapped“PayPal, Stripe, or Block (Square) from the USA have also already placed a strong focus on crypto assets in payment transactions....”
“Checkout.com from the UK surprised with a Series D round of $1 billion and a valuation of $40 billion in January 2022....”
“Behind USDC stand the two crypto giants Coinbase and Circle from the USA....”
“Behind USDC stand the two crypto giants Coinbase and Circle from the USA....”
“PayPal, Stripe, or Block (Square) from the USA have also already placed a strong focus on crypto assets in payment transactions....”
“PayPal, Stripe, or Block (Square) from the USA have also already placed a strong focus on crypto assets in payment transactions....”
“There are reservations about the current stablecoin market leader Tether (USDT) because of the unclear backing of the asset....”
Ontology Mapping & Concepts
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