We’re thrilled to announce that First Digital Assets Group has partnered with Fireblocks to launch the first Diem payment gateway for financial institutions, allowing merchants to easily connect with the Diem network.
Now, payment processors, banks, eWallet providers and others can enable clients to accept Diem as a digital payment method within existing customer experiences. It will now be quick, safe, and easy for merchants to accept Diem payments, as well as other kinds of stablecoins and CBDCs.
The First team has been working alongside Fireblocks to develop technology that provides traditional financial institutions with critical infrastructure within the Diem network, including a Diem payment gateway that would facilitate Diem transactions on the blockchain.
In addition, the partnership allows First to build digital tools that will lower overhead costs for financial service providers, merchants and customers alike.
What Financial Institutions Need to Know About Diem?
As the Diem Association, which includes Facebook, Shopify, Uber, PayU, and others prepares to launch, First is working to provide licensed providers with the ability to offer consumers financial services that would support Diem payments.
Diem can be utilized for peer-to-peer as well as peer-to-merchant transactions. Any institution or fintech looking to utilize Diem will need to build and integrate the appropriate technology to accommodate the new digital payment system.
"If a merchant in Morocco decides to open a digital wallet and start selling scarves on their website, they can just accept whatever payment they want from wherever in the world... and those merchants can sell more products and distribute whatever they want. [Think] about the revolution that it would create," said Ran Goldi, CEO of First.
In order to start processing Diem payments, organizations will need to be qualified as Virtual Asset Service Providers (VASPs). Diem can work with financial service providers such as banks, exchanges, PSPs and eWallets.
This compatibility enables companies and merchants around the world to have access to a wide array of clients – with considerably less overhead, thereby creating the potential to sell more inventory at less cost.
"Gold is being stored in the Federal Reserve, money is being stored in safes, but [Fireblocks'] technology helps them store that in a cloud with one-tenth of the cost … Our technology is here to help them get to more merchants."
Reach out to the First team to learn more about Diem payments and how your organization can be prepared for the upcoming Diem launch.
Check also: What is Diem and Why You Should Use It?