Blockchain

Circle, Dapper Labs Team To Add Stablecoin Payments For Digital Collectibles

Dapper Labs will be partnering with peer-to-peer firm Circle to help add payment methods for digital collectibles using credit and debit card payments to settle in the stablecoin USD Coin (USDC), according to a blog post from Circle.

Up to now, paying for digital collectibles on blockchain relied on cryptocurrency payments. Dapper Labs' Flow apps will help to add a more traditional payment type with "broader mainstream appeal," the post stated. This will have the effect of removing friction and making adoption faster, and it will provide game proceeds in USDC digital dollars. That means they're "irreversible, highly secure and redeemable 1:1 for U.S. dollars from banks in more than 80 countries," according to the post.

Roham Gharegozlou, CEO and co-founder of Dapper Labs, touted the efficiency of the platform.

“Circle's payment technology combined with the performance of our new network, Flow, means any developer can build crypto-enabled applications without sacrificing user experience," he said, according to the post.

Jeremy Allaire, CEO and co-founder of Circle, praised Dapper's adeptness at blockchain technology, saying the company is "proud to be part of the story, enabling Dapper customers to fully participate in unique and highly engaging digital game economies with familiar methods of sending and receiving payments, while also getting the benefits of digital currency."

Dapper Labs is known for creating blockchain-based video game CryptoKitties, and for building sports, entertainment and consumer tech on blockchain technology.

Allaire recently spoke with PYMNTS about the readiness of digital currencies to enter the mainstream, rather than just stay as more of a concept. He noted that the volatility of cryptocurrencies is a reason that the stablecoin had emerged as an alternative more reliable for trading.

He said Circle has been focused on using the public blockchain benefits, where people and firms transact the same way that we exchange content and data on the internet, to bolster digital dollar stablecoins.

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