Blockchain.com increases payment acceptance rates using Stripe
The first four weeks into the partnership have seen the crypto platform using Stripe to build an entirely new checkout flow that made it possible for users to securely purchase crypto using card payments.
Blockchain.com has tapped Stripe to facilitate payments, mitigate fraud risk, and improve revenue management. The decision follows the crypto platform’s growth plans to push the number of users into the hundreds of millions by 2025.
Stripe was thus selected as the payments partner to improve the process of exchanging fiat for crypto and radically simplify the experience for new crypto investors.
Entirely new checkout flow in four weeks
Blockchain.com was founded in 2011 and, 11 years later, has 37 million verified users from nearly every country, boasts more than 80 million crypto wallets, and has completed more than $1 trillion in crypto transactions since the beginning.
Ambition runs in the firm’s blood, which has led its executives to turn to Stripe in order to address challenges common to crypto purchases: fluctuating payment acceptance rates, volatile reliability, and frustrating user experiences.
The first four weeks into the partnership have seen the crypto platform using Stripe to build an entirely new checkout flow that made it possible for users to securely purchase crypto using card payments.
This has effectively increased its payment acceptance rates and these are expected to further improve as it plans to use Stripe to add additional ways of funding their accounts, including Apple Pay and Google Pay.
Thianh Lu, vice president of product at Blockchain.com, said: “It’s daunting for consumers to turn their crypto interest into actual transactions—trust is an imperative. A frictionless user experience is critical to building trust, so we’ve focused on making the process of exchanging fiat for crypto as simple as possible. Stripe’s partnership is instrumental in making that happen.
“While Stripe’s conversion rates are excellent, knowing that Stripe is an engineering-first company that’s constantly innovating is what got our team really excited. Stripe has given us significant improvements in payments acquisition. Looking ahead, Stripe’s support for alternative payment methods across key geographies will meaningfully accelerate our entry into new markets.”
Will Gaybrick, chief product officer at Stripe, commented: “Stripe is working with many of the most exciting companies and projects in Web3, and supporting the world’s leading crypto brands. We’re excited to power Blockchain.com into the next phase of their growth.”
