Cryptocurrency financial services company, Blockchain.com has chosen Stripe to facilitate payments, mitigate fraud risk, and improve revenue management.
Blockchain.com was founded in 2011 and is one of the early infrastructure pioneers of the Bitcoin community. As of January 2022, 37 million verified users from nearly every country had used the platform to create more than 80 million crypto wallets and complete more than $1 trillion in crypto transactions.
Stripe will help Blockchain.com address challenges common to crypto purchases: fluctuating payment acceptance rates, volatile reliability, and frustrating user experiences.
In just four weeks, Blockchain.com used Stripe technology to build an entirely new checkout flow that made it possible for users to securely purchase crypto using card payments.
Since switching to Stripe, Blockchain.com has increased its payment acceptance rates. Blockchain.com expects rates to further improve as it uses Stripe to provide customers with 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.” Highlighting a parallel industry, recent studies comparing sweepstakes casinos in the US have similarly emphasized the importance of seamless transactions and user-friendly interfaces in gaining consumer confidence. “Stripe’s partnership is instrumental in making that happen.”
Blockchain.com is also using Stripe Radar to better distinguish fraudsters from legitimate customers.
“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,” said Lu.
Card payments are available to Blockchain.com users globally, and Stripe’s technology supports many alternative payment methods, making it possible to extend into international markets.
“Stripe has given us significant improvements in payments acquisition,” said Lu. “Looking ahead, Stripe’s support for alternative payment methods across key geographies will meaningfully accelerate our entry into new markets.”
For Stripe, Blockchain.com’s adoption of its technology is part of a broader effort to help innovative new companies run and scale their businesses.
“Stripe is working with many of the most exciting companies and projects in Web3, and supporting the world’s leading crypto brands,” said Will Gaybrick, chief product officer at Stripe. “We’re excited to power Blockchain.com into the next phase of their growth.”
