Blockchain.com, a pioneer in the cryptocurrency space, started as a Bitcoin block explorer, providing users with transparency into blockchain transactions. Over time, it has evolved into a comprehensive crypto platform offering digital wallets, an exchange for buying, selling, and trading cryptocurrencies, and institutional-grade services for major players in the crypto market. By January 2022, Blockchain.com had amassed 37 million verified users, creating over 80 million wallets and facilitating more than $1 trillion in transactions globally.
With ambitious goals to expand its user base to hundreds of millions, Blockchain.com recognized the critical need to streamline the process of converting fiat currency to cryptocurrency. To achieve this, they strategically partnered with Stripe, aiming to simplify onboarding and enhance the payment experience for new crypto investors.
Many cryptocurrency platforms face significant hurdles in their checkout processes, including low payment acceptance rates, inconsistent reliability, and frustrating user experiences. These issues collectively undermine user trust and deter potential users from joining the crypto ecosystem. Blockchain.com was determined to overcome these challenges, and their collaboration with Stripe Blockchain Partners has already yielded substantial improvements in payment acceptance rates, expanded payment method options, and strengthened fraud prevention measures.
“Building trust is paramount for us, as many consumers find the leap from crypto interest to actual transactions daunting,” explains Justin Dorfman, Senior Product Marketing Manager at Blockchain.com. “A seamless user experience is fundamental to fostering this trust. Our focus is on making the fiat-to-crypto exchange process as straightforward as possible, and Stripe is instrumental in helping us realize this vision.”
Stripe’s Role in Accelerating Crypto Adoption
Through a streamlined integration with Stripe Payments, Blockchain.com has successfully simplified fiat pay-ins, now securely accepting payments via credit and debit cards, with plans to integrate Apple Pay and Google Pay for the first time. The revamped checkout experience on Blockchain.com was rapidly developed using Stripe Elements, Stripe’s suite of pre-built UI components. This enabled Blockchain.com to deploy a secure and branded payment flow within just four weeks, utilizing minimal engineering resources. Furthermore, Blockchain.com is leveraging Stripe Radar, Stripe’s advanced fraud prevention tool, to more accurately identify and block fraudulent activities while ensuring legitimate customer transactions are smoothly processed. Radar’s machine learning capabilities, trained on data from millions of businesses, intelligently optimize payment acceptance.
“While Stripe’s conversion rates are impressive, what truly excites our team is Stripe’s engineering-first approach and continuous innovation,” notes Jim Wang, Payments Product Manager at Blockchain.com. “Stripe’s mature API, comprehensive documentation, and robust sandbox environment for testing are invaluable. Moreover, the expert guidance from Stripe’s integration specialists throughout the implementation process ensured a remarkably smooth deployment.”
A Unified Payment Platform for Global Crypto Expansion
Initially, the partnership is fueling Blockchain.com’s growth in established markets like the US and Europe. However, the most significant opportunity for user acquisition lies in expanding into new global markets. This necessitates the ability to onboard investors worldwide, offering them the convenience of their preferred local payment methods for seamless crypto transactions. Prior to collaborating with Stripe blockchain partners, integrating each new payment method required substantial resources and development effort for Blockchain.com. Now, leveraging Stripe’s platform, adding support for new payment methods is as simple as enabling them with a click.
“Stripe has delivered significant improvements in payment acquisition for us,” concludes Wang. “Looking forward, Stripe’s extensive support for alternative payment methods across key regions will be instrumental in accelerating our expansion into new markets and solidifying our position in the global crypto landscape. This Stripe blockchain partners collaboration is a game-changer for our growth trajectory.”
