Circle Dropped Automated Clearing House Payments: Dapper Labs

NFT startup Dapper Labs is looking for a new partner for certain customer payments, after Circle suddenly dropped the Automated Clearing House

article-image

Jeremy Allaire Circle CEO (CC BY-NC-SA 2.0); Source: World Economic Forum / Faruk Pinjo, modified by Blockworks

share

Dapper Labs said Monday it can no longer process Automated Clearing House (ACH) payments due to its payment partner, Circle.

In an announcement on its public Discord server, Dapper said Circle has made the decision to stop processing ACH payments for all of its partner companies, “effective immediately.”

“We work with a payments partner, Circle, to manage certain transactions,” Dapper said. “As a result, the ACH payment method is currently unavailable.”

Circle is also the primary issuer of dollar-pegged stablecoin USD Coin, the second-largest by supply after tether.

For ACH payments currently in process, Dapper said it is actively monitoring and working with its payment partners to resolve any issues “as quickly as possible.”

ACH payments are a type of electronic funds transfer (EFT) that allows money to be moved from one US bank account to another. Dapper has said it’s attempting to secure a new partner for ACH payments as well as enabling withdrawals directly to credit and debit cards. 

Dapper, mostly known for NFT-focused projects NBA Top Shot and CryptoKitties, had announced Sunday it was “temporarily” disabling the payments while it investigates an issue with one of its third-party partners.

Circle and Dapper Labs did not immediately respond to Blockworks’ request for comment. CoinDesk first reported the news.

Users are still able to withdraw USD via wire transfer and USDC, the latter on Ethereum and Flow blockchain networks, while NFTs can continue to be bought via credit card, debit card and crypto, Dapper said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

recent research

Unlocked by Template (2).jpg

Research

Vertex has established itself as a formidable player in the perps DEX landscape. Its strategic approach to chain expansion, focusing on EVM-compatible networks and leveraging incentive programs, has proven largely successful. The reduced time-to-launch for each new chain integration highlights the team's growing expertise and the scalability of their technology. As Vertex continues to expand, it is well-positioned to capitalize on the increasing fragmentation of the perpetual DEX market, potentially consolidating liquidity across multiple chains through its Edge technology.

article-image

Plus, the latest entrant into the crypto fund game

article-image

The goal of Tuesday’s inaugural Congressional hearing on DeFi was to “explore emerging topics” in digital assets, Rep. French Hill said

article-image

Blockworks Research analyst predicts 2025 will be a big year for economic changes on Solana

article-image

A tech industry coalition executive last week urged moderators to ask about crypto, noting that “passing bipartisan digital asset regulations is front and center this election cycle”

article-image

BitGo’s using a 1-2-of-3 decentralized verifier network involving LayerZero Labs and Polyhedra

article-image

The challenge of securing our digital world lies in developing conflict-resistant digital infrastructure