After successfully settling crypto payments worth $1 billion on the Checkout.com payment platform, Fireblocks officially launches its crypto payment engine. Fireblocks exchange reportedly aimed to help payment service platforms settle $10 billion in crypto payments via its payment engine.
Fireblocks Offers PSPs Its Cryptocurrency Payment Tools
According to the reports, Fireblocks used its digital payment services to settle a $1B crypto payment on the Checkout.com payment platform. Furthermore, it plans to extend its services to other payment service platforms.
Fireblocks explained that the new digital payment processor it obtained this year could settle about $20 billion in 2023. It added that the tools would help traditional payment platforms process digital payments globally.
The vice president at Fireblocks, Ran Goldi, stated that the blockchain tool would enable payment companies to process funds cheaper, faster and more efficiently. He added that the payment tool acquisition was a major long-term goal of the firm.
Goldi added that they would soon integrate features allowing merchants to receive and payout cryptocurrencies. The vice president stated that Fireblocks differs from its rivals as it offers payment service platforms with multiple options.
He continued that it allowed platforms to define their payment flows while using the blockchain tool. On the contrary, other firms only offer payment tools with a stationary payment flow.
Jess Houlgrave, a top executive on the Checkout.com payment platform, stated that the optionally Fireblocks offered are essential to their operation. He added that it would help to adopt more stablecoins and cryptocurrencies into their payment platform.
Fireblocks’ Payment Tool Gained Rapid Adoption Amidst Merchants
He added that the new payment tool created by Fireblocks continues to receive wide adoption across the globe. Houlgrave concluded that most payment merchants would soon collaborate with Fireblocks to use the payment tool.
Meanwhile, Fireblocks recently partnered with Worldpay payment service provider FIS, which offers merchants USDC payment options. In addition, over 50 payment service providers currently demand Fireblocks’ payment tool.
Ran Goldi revealed that over 175 thousand payment service providers still utilize the traditional payment flow. It takes two to three days before merchants can complete a transaction via the old payment means.
However, the new blockchain payment tool from Fireblocks would help complete transactions almost instantly and at cheaper fees. It works by first converting fiat currencies to stablecoins and then transferring them to merchants after approval. Goldi concluded that merchants can now enjoy a faster transaction flow without delay with the new payment tool.