Checkout.com Teams With Fireblocks on Stablecoin Settlement Tool

Cloud payments provider Checkout.com debuted its stablecoin settlement solution Tuesday (June 7), an offering that makes use of crypto payment technology from Fireblocks.

As the company said in a news release, this lets merchants make settlements 24 hours a day, seven days a week, including on weekends and holidays, thus increasing access to cash flow and reducing operational complexity.

“Checkout.com is the first PSP to have access to Fireblocks’ crypto payouts technology. With this access, Checkout.com is also the first to successfully deploy automatic fiat-to-stablecoin conversion for their merchants as they receive and process funds from customers.”

The London-based company said it has facilitated more than $300 million in settlements using the stablecoin USDC through its private stablecoins settlement beta program, in which it optimized ways for online fiat transactions to be paid to merchants through USDC.

See also: FIS Partners With Fireblocks to Offer Crypto Investments

Checkout.com added that its integration with Fireblocks marked that company’s expansion into the payments space following its acquisition of First Digital earlier this year.

“Fireblocks’ new crypto payment technology is only available to select PSPs with additional payment capabilities and tools for business to be unveiled later this year,” the company said. “Checkout.com is among the early PSP partners to deploy this new technology.”

For now, Checkout.com’s stablecoin settlement only supports USDC, although the company plans to expand to a broader range of currencies.

Learn more: Checkout.com to Acquire French IDV Firm ubble

Last month, Checkout.com announced its intent to acquire French digital identity verification startup ubble in order to expand its financial services offering.

The company said the deal, set to close later this year, arrives at a time when both global online transaction volumes and fraud and money laundering are on the rise.

“The acquisition of ubble will enable Checkout.com to expand its current suite of financial products that allows FinTechs and eCommerce merchants to accept and send payments to and from their customers, while managing the financial risk involved,” the company said.