After splitting the ties with Binance, Checkout.com says crypto firms account for about 4% of its total processing volume.
Credit card payment processor Checkout.com views crypto as a meaningful space for merchant relationships but needs to continue to focus on regulatory expansion, he said at TechCrunch Disrupt.
In January 2022, Checkout.com was valued at $40 billion but by the end of the year, it shrank its internal valuation 72.5% to $11 billion. Changes in valuations for fintech firms aren't a-ha moments, Dufetel said.
The 11-year-old company oversees payments for various industries, including e-commerce, financial tech, gaming, and a number of crypto companies, such as MoonPay, Crypto.com, Blockchain.com, Circle and OKCoin. In August, Binance, the world's biggest cryptocurrency exchange, made headlines for cutting ties with Binance, the world's biggest crypto exchange, over concerns about the firm's alleged issues with anti-money laundering, sanctions and compliance controls.