Credit card payment processor Checkout.com has revealed that cryptocurrency companies make up about 4% of its total processing volume. Céline Dufétel, President and COO of Checkout.com, emphasized that while the company serves crypto exchanges, it does not directly handle cryptocurrencies. Instead, its services are similar to those provided to e-commerce, streaming, and gaming merchants.
Key Takeaway
Checkout.com sees crypto companies as a significant segment for merchant relationships, accounting for around 4% of its processing volume. The company remains committed to long-term growth and continues to serve various sectors, including e-commerce, fintech, gaming, and multiple crypto companies.
Checkout.com, which was valued at $40 billion in January 2022, witnessed a significant decline in its valuation by the end of the year. However, Dufétel noted that fluctuations in valuations are not unusual for fintech companies and that the company remains focused on long-term sustainable growth. Despite the dip in valuation, Checkout.com experienced a 40% increase in its fintech and e-commerce vertical this year, showcasing its commitment to driving growth in those sectors.
In August, Checkout.com garnered attention by cutting ties with Binance, the world’s largest cryptocurrency exchange. The decision was made due to concerns about Binance’s alleged issues with anti-money laundering, sanctions, and compliance controls. As a regulated business, Checkout.com holds risk management in high regard and strives to make decisions that align with its long-term strategy.
Dufétel emphasized that other crypto clients understood the company’s decision, highlighting the strong relationships Checkout.com maintains with its partners. The company believes in the long-term utility of web3 and blockchain technology and recognizes the importance of regulation in the crypto space.
Regarding future plans, Dufétel stated that Checkout.com is currently not looking to raise capital. The company, which was initially bootstrapped until 2019 when it started accepting external funding, aims to focus on accelerating its business growth without immediate fundraising requirements. While the idea of an IPO is intriguing, Checkout.com does not feel any immediate pressure to go public but remains interested in observing developments in that area.
