As It Gains Altitude, Crypto Adopts Partners, Cash Back, and Investors

Firms looking to bring stablecoins and other cryptocurrencies into the payments mainstream are working a variety of angles, as illustrated by news on multiple fronts that emerged early Tuesday.

Convera USA LLC, a business-to-business payments platform and provider of foreign-exchange services, announced it will work with Ripple Labs Inc. to develop and offer payment and treasury technologies for businesses. Seattle-based Convera says it is hearing clients express interest in digital currencies but felt a need to seek out a partner. “Ripple is a natural fit for Convera,” Patrick Gautheir, the company’s chief executive, said in a statement.

Ripple, known for its blockchain technology developed to support cross-border transactions particularly, says it can help Convera while simplifying digital assets in the process using stablecoins. “By partnering with Convera, were’ combining a trusted global payment infrastructure with stablecoin-powered settlement to give businesses more control over how and when they move value across borders,” said Aaron Slettehaugh, a senior vice president at San Francisco-based Ripple, in a statement.

At the same time, Cheyenne, Wyo.-based Kraken said it’s adopting a popular marketing tactic—cashback—for its Krak money app. It announced early Tuesday a program offering up to 2% cash back, open to all users. On top of the cash-back offer, it launched Krak Concierge, an in-app hotel and flight-booking platform that also offers rewards, in this case up to 6%.

The company also unveiled a metal Mastercard debit card for users in the United Kingdom and Europe. The move follows its issuance of some 60,000 plastic debit cards in the past four months, the company says. The new card offers the ability to spend some 600 digital and fiat currencies, with what it calls “near-instant” conversion from crypto to fiat money.

And in yet more related news, Tuesday, C1 Fund Inc. announced it has invested in Uphold, an 11-year-old company offering cryptocurrencies, including stablecoins, on a single platform. Terms of the investment were not announced. C1 specializes in investments in digital-asset companies, including Ripple and Kraken.