crypto strategy

Checkout’s Head of Crypto Strategy Talks the Crypto Payments Space – BeInCrypto

Jess Houlgrave, head of crypto strategy at fintech Checkout.com, shares her perspective on the payment processing space in the bear market.

speaking to Token2049an annual crypto conference held in Singapore and London, Houlgrave spoke about regulation and how crypto companies are using the bear market to answer critical questions about payouts and profitability.

“They kind of ask us, okay, like, what should we do? How do we set up our payments correctly? ” she says.

Houlgrave was chief of staff at Checkout.com for two years and is a member of the Bank of England’s CBDC engagement forum.

Checkout.com allows merchants to accept credit cards or alternative payments through fiat on-ramps and off-ramps.

Stablecoins used as payment settlement layer

The company recently developed a stable checkout feature to allow companies like Crypto.com to offer their customers the option of paying with a credit card. Checkout.com obtains the funds from Visa or MasterCard and exchanges the funds for a stablecoin before settling with the merchant on the crypto payment rails.

“So it was like this fast crypto native product, which was really successful, and we have a lot of merchants using it.”

While the company has served Web2 customers like Netflix, Checkout.com has become a preferred destination for 12 of the top 15 crypto exchanges. Crypto.com, Binance, and a few NFT marketplaces have used the company’s services.

The company is also exploring whether Web2 companies would be interested in using crypto rails to settle payments. But, Houlgrave said, businesses that aren’t crypto-native would have to wait for a wire transfer to convert stablecoins to fiat, negating the benefits of using crypto payment rails. Only merchants who can, for example, pay suppliers directly in USDC are interested.

“I don’t think it’s going to take over the payment industry,” she admitted.

UK regulations on stablecoin payments are encouraging

On the regulations, she is optimistic. “I think in most places great progress has been made, whether it’s like the UK on how stablecoins will come into the regulatory perimeter from a payments perspective.”

However, she acknowledged that there are still many challenges, especially as regulators come to terms with the new technology and its implications for customer protection.

“We have an opportunity, and I think it’s our responsibility as an industry to positively engage with these regulators to educate and help them, because most regulators don’t have an interest in shutting down the ‘innovation.”

To be[In]Crypto’s Latest Bitcoin (BTC) Analysis, Click here

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.

#Checkouts #Crypto #Strategy #Talks #Crypto #Payments #Space #BeInCrypto #crypto strategy

Related Articles

Back to top button