It’s not an off-chain, account-to-account custodial transaction. dollar pegged stablecoins.Īs Pair described it, the transactions are “on-chain crypto transactions that are used to make the purchase. The initial cryptos accepted include bitcoin, ethereum, dogecoin, bitcoin cash and U.S. “We built a foundation on the house of alternative payment methods,” he said of the hardware/software configurations, “and now we are just building rooms on top of the foundation.” After its 2018 acquisition by an investment group led by Francisco Partner, the company has continued to deepen its presence in the cloud, which in turn has broadened its range of APMs on offer, deliverable and enabled through software upgrades. Verifone’s Pulli said the merchants need to do very little technological lifting to enable the payments and the wallet they can simply download software on their in-store point-of-sale (POS) terminals.Īnd for Verifone, the initiative marks the latest development that stretches back over several years. The trio told Webster that others would follow in the coming months. Initial wallets supported - so far in the testing phase - include, BRD, Metamask and BitPay. The payments are done with native crypto wallets. 28) announcement, merchants can accept the crypto payments directly from Verifone without needing to set up an account with BitPay. In terms of the mechanics, the companies said in their Tuesday (Sept. Read more: How Consumers Want to Use Crypto to Shop and Pay in 2021 and AfterĪnd they want to use cryptos to buy everyday items - not just Tesla cars, but groceries and subscriptions, clothes and other smaller transactions.īut you cannot spend what you have if there’s nowhere to spend it.Īt a high level, bringing crypto payments more fully to the brick-and-mortar realm would broaden cryptocurrency’s visibility, beyond the exchanges and the headlines trumpeting bitcoin bans (in China) and Elon Musk’s tweets.Ī newly announced pact by BitPay, which provides crypto related services, and Verifone, which offers payments technology, would allow merchants to sidestep the price volatility and downside risk that is a hallmark of those digital holdings.īitPay CEO Stephen Pair, Verifone CEO Mike Pulli and Verifone Head of Alternative Payment Models (APMs) Jeremy Belostock told Karen Webster that the partnership will help consumers embrace cryptos more fully, while letting merchants broaden their customer base by serving those crypto-wielding individuals eager to transact. population - 46 million consumers - would be likely to make a purchase. As PYMNTS’ own research with BitPay has shown, as many as 18% of the U.S. The consumer clamor to use cryptos in everyday retail is certainly there. president Donald Trump joined Ribbit Capital as a general partner after helping the government investigate three North Korean hacker groups that used bitcoin to launder funds.To broaden cryptocurrency’s appeal - beyond the speculative frenzy - broaden its acceptance. In July, the former sanctions chief to U.S. While many of the investments have crypto services, Xapo, a custody firm in-part acquired by Coinbase in August 2019, Multicoin Capital and FBG Capital are all focused almost exclusively on the space.Ĭertainly, the fintech space generally speaking stands to be impacted by the planned IPO, but for the cryptocurrency community the move marks another sign of maturity for one of its earliest supporters. MELI Robinhood Markets, and Zillow Group, Inc. Since being an early investor in cryptocurrency’s first unicorn, Coinbase, Ribbit Capital has built a portfolio of over 75 private and public company investments including Brex Inc., CreditKarma, MercadoLibre, Inc. The Palo Alto, California-based firm was founded in 2012 to invest largely in financial technology startups. Though the filing includes no details about how exactly Ribbit might use the public entity, a look at their past provides interesting insights.
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