Digital TransformationAnnouncedStripe Partners With OpenNode To Offer Fiat-to-Bitcoin Conversions For Business Clients
Milestone Date: May 24, 2022
Payment processing company Stripe has partnered with Bitcoin payment processor OpenNode to offer instant fiat-to-Bitcoin conversions for its business clients. The new feature will enable businesses to accept Bitcoin payments without the need for a separate wallet or exchange account.
Through this partnership, Stripe users will be able to convert fiat currency to Bitcoin instantly using OpenNode's platform, which will then be deposited directly into the business' Stripe account. This allows merchants to convert the balance in their Stripe dashboard or any incoming payments, in part or in full, to Bitcoin. Because the Lightning Network is being used, there won’t be any Bitcoin fees for merchants. They will be able to access instant settlements, security, and interoperability.
The move is part of Stripe's broader efforts to support the adoption of digital currencies among businesses. The partnership with OpenNode reflects Stripe's commitment to providing its merchants with easy and secure access to digital currencies.
The partnership is a significant development for the adoption of Bitcoin as a mainstream payment method. By offering instant fiat-to-Bitcoin conversions without long settlement times, Stripe is making it easier for businesses to efficiently accept Bitcoin payments, which could help to drive adoption of the digital currency among merchants and consumers alike.
By Elizabeth Morrison
Published:May 24, 2022