Stack has partnered with STK Global Payments to add cryptocurrency payments to its digital wallet app.
Stack is implementing the STK Token, which allows cryptocurrency to be used at brick-and-mortar stories. The STK token is meant to facilitate borderless transactions through a smart contract, which facilitates a real-time exchange of cryptocurrency into fiat at the POS.
Currently, consumers are required to exchange cryptocurrencies into local currency to make everyday purchases due to a lack of merchant acceptance of cryptocurrencies. Settlement times for bitcoin and ether are also too long for real-time transactions.
“We’re working towards a universally accessible alternative to traditional banking that allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, including cryptocurrency,” said Miro Pavletic, co-founder and CEO of Stack. “The STK token will simplify the blockchain process so that you can use cryptocurrency as easily as you would a debit card or cash.”
STK will be available through the Stack digital wallet, currently in private beta and scheduled to launch in Canada later this year. The company is planning a US expansion in early 2018.
“STK aims to break down the cryptocurrency usability barrier and make crypto as familiar to use as traditional payments, all with no fees and no confirmation delays,” said Ethan Wilding, co-founder of Ledger Labs, and a founding team member of Ethereum. “To do this they are leading the way by implementing a cutting-edge Ethereum blockchain technique called State Channels; this technique will become the standard for many types of cryptocurrency payments.”
In September, Stack partnered with Mastercard to offer prepaid cards within its platform.
La Mar Taylor, creative director for The Weeknd, currently acts a strategic advisor to Stack. “Innovation inspires everything I do,” said Taylor. “The original and unconventional approach Stack is taking to revolutionize banking through technology and innovation speaks to the new millennial consumer in their own voice. This will no doubt make traditional banking systems obsolete. I support Stack as a change agent for the future of banking.”
Stack is BetaKit’s sponsor for the FinTech Times