Stripe, the fintech giant, gets back into the cryptocurrency market, after 6-year hiatus. It will take cryptocurrency payments for the first time since 2018, when it dropped support for Bitcoin citing instability.
On Thursday, the company announced that it would allow customers to accept cryptocurrency payments, beginning with just one currency, USDC stablecoins, and initially only on Solana, Ethereum, and Polygon.
Stripe co-founder and President John Collison showed excitement on Thursday during his keynote address at the company’s Global Internet Economy conference.
He stated, “ We’re excited to announce that we’re bringing back crypto as a way to accept payments, but this time with a much better experience.”
Stripe attempted its first reentry into the cryptocurrency market in 2022, announcing payouts (but not payments) in USDC and naming Twitter as its marquee customer. Thursday’s news includes no customer names.
“Transaction settlements are no longer comparable with Christopher Nolan films for length,” he said earlier Thursday. “And transaction costs are no longer comparable with Christopher Nolan films for budget. Stripe is bringing back crypto payments — this time with stablecoins, which are a way better experience.”
While the future remains uncertain, Stripe’s move signifies a potential shift in their stance on crypto. Their focus on stablecoins and faster blockchains suggests a growing confidence in crypto’s potential for mainstream adoption as a viable payment method.
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