Stripe warms to the prospect of accepting crypto again

Stripe warms to the prospect of accepting crypto again

Stripe, the popular ecommerce payment processor, has warmed to the possibility of accepting cryptocurrency in the future. The Irish-American firm, which boasts more than $7 billion in annual revenue, terminated bitcoin payment support in 2018. At the time, Stripe blamed the leading cryptocurrency’s high volatility and overall inefficiency for everyday use.

On Tuesday, during a Fintech Abu Dhabi 2021 panel, Stripe co-founder John Collison said, “Crypto obviously means a lot of different things to a lot of different people.” He added, “There have been a lot of developments of late with an eye to making cryptocurrencies better and, in particular, scalable and acceptable cost as a payment method.”

When questioned whether Stripe has plans to accept Bitcoin and other cryptocurrency as payment options soon, Collison remarked, “We don’t yet, but I think it’s not implausible that we would.”

Stripe’s renewed interest in cryptocurrency isn’t a huge surprise. Last month, a Stripe employee announced on Twitter that the company was hiring designers and engineers for a new crypto team. Prospective employees will be tasked with building the future of Web3 payments. According to Stripe’s website, the company is still hiring for ten positions in New York, San Francisco, Washington D.C. and Seattle.

Stripe’s job listings provide a window into the company’s crypto philosophy as they state,” Stripe has always been bullish on crypto: We were early in supporting the crypto community and helped businesses accept Bitcoin in 2014. Stripe has always kept our eye on developments in crypto, and we’ve heard a growing need for better building blocks to accept payments, move funds, and exchange between fiat and crypto.”

More information about Stripe can be found at stripe.com.

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