Stripe Open to Cryptocurrency Payments

Stripe is the world’s largest private fintech company. Founded in 2009, it has seen incredible success with its payment-providing platform. Stripe currently handles payments for Amazon, Google, Uber, and many other companies. This Tuesday, the co-founder of Stripe, John Collison, stated it has not ruled out accepting cryptocurrencies for payments. This is incredibly exciting as it could lead to many major retailers accepting digital currencies.

In 2014, the company made headlines by accepting Bitcoin for payments, but years later it removed the feature. In 2018, when the previous bear market started, the price of Bitcoin dropped dramatically and took years to recover. During the large price movements, Stripe wrote on its blog that it would stop accepting Bitcoin due to the volatility of the price. 

Now Stripe seems to be keeping an eye on cryptocurrencies. As adoption grows and regulations begin to become clearer, Stripe could potentially be willing to accept cryptocurrency payments again. John Collison said there has been a lot of positive growth in the industry which they cannot ignore. He went on to say he has been interested in web3 and the expansion of some of the newer blockchains like Solana.

Solana features cheaper and faster transactions than some of its competitors. John Collison also mentioned Layer 2 technology like Bitcoin’s Lightning Network which is used by El Salvador for their payment systems. The common theme amongst his interests was cheaper and quicker transactions that could rule out Ethereum being supported.

One of the biggest crypto proponents in Stripe’s team is its head of engineering, Guillaume Poncin. He is not alone, one of the board of directors for Stripe is Matt Haung, co-founder of the crypto-focused venture capital firm, Paradigm. These two could be the push required for Stripe to resume crypto support. 

While Stripe sits on the sidelines, many retail companies have looked for other payment and custody providers for digital currencies. Coinbase has recently made significant partnerships to handle cryptocurrency payments, people speculate that the continued success of Coinbase will push Stripe to accept them.

The recent adoption is very exciting for cryptocurrency holders and enthusiasts. Massive real-world adoption has been something discussed in many communities since the start of Bitcoin, and we could be on the cusp of that happening.

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Written by Tudor

Works as a developer and helps keeps the digital cogs turning. Leave them alone, they're busy.

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