Fireblocks Introduces Crypto Payment Engine for Merchants

Cryptocurrency custody provider Fireblocks announced the public launch of its payment engine in collaboration with payment giants Checkout​.com and Worldpay as pilot partners. The pilot phase of the Payment Engine has successfully been completed with Checkout.com settling stablecoin transactions with $1 billion. 

“Fireblocks made sure that we could build the product very quickly and actually be the first to market with a merchant stablecoin and settlement product,” Crypto GTM and Strategy of Fireblocks Jess Houlgrave said

Henceforth, the crypto custodian can now enable other payment service providers (PSPs) who use traditional 9-5 payment systems, to offer end-to-end blockchain solutions to their merchants, creators, and entrepreneurs. Once the payment engine is activated by these entities, they can accept, manage and settle digital asset payment transactions across any geography. 

Fireblock’s Vice President and Head of Payments Ran Goldi commented “Our ambition in Fireblocks payments and the payments engine is to get all those companies to continue doing what they do today. Just move their rails to faster, cheaper, and more transparent payment rails, which means for us, obviously, blockchain. I would say that over the next year we’ll probably go over $10 to $20 billion of merchant settlement.”

FIS’s Worldpay to Utilize Fireblock Payment Engine

Following the launch of the payment engine, there will be a gradual introduction to merchant settlement closely followed by cross-border transfers, creator payouts, and crypto pay-ins, a service that would permit merchants to accept digital assets as a means of payment, all with a lower transaction processing fee. 

The world’s largest merchant acquirer Fidelity National Information Servcs Inc (FIS) through  Worldpay Group will be the next of these PSPs to utilize the Fireblocks Payment Engine. FIS initially partnered with Fireblocks in April to bring digital assets investing options to investors in the capital market industry.

Speaking of the ‘token-agnostic’ nature of the Payment Engine solution, Goldi explained that merchants can make use of any digital token of their choice across 42 blockchains as long as it is one of the “1,300+ tokens that Fireblocks supports.” Currently, there is a waiting list of about 50 companies who wish to onboard the payment engine.

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