Stripe’s co-founder claims that the company may accept cryptocurrency once more.
Stripe co-founder JACQUES DEMARTHON AFP (Photo courtesy of Getty Images)
According to John Collison, co-founder of Stripe, the company is not ruling out the possibility of accepting cryptocurrency as a payment method in the near future.
Cryptocurrency Could Be Accepted By Stripe
Stripe no longer accepts Bitcoin payments as of 2018.
According to TechCrunch, the online payment service cited Bitcoin’s reputation for volatile price swings and inefficiency in daily transactions.
Collision discussed its plans at a CNBC panel at the Fintech Abu Dhabi festival in November.
He explained that cryptocurrency has a wide range of meanings for different people, and that some aspects of it are unrelated to Stripe’s work.
He did add, however, that there have been a lot of recent changes, as cryptocurrencies have improved and become more scalable.
It is now also a viable payment option.
Uber Cash Payments Expands To Developed Markets, Beginning With Singapore, according to Brinkwire News.
When asked if Stripe would resume accepting cryptocurrency as a form of payment, he said he wasn’t sure, but it’s not impossible.
The company formed a team to investigate crypto and Web 3, a term used in the tech world to describe a new decentralized version of the internet.
Guillaume Poncin, Stripe’s head of engineering, is in charge of the team.
Matt Huang, co-founder of crypto-focused firm Paradigm, was recently appointed to the company’s board of directors.
Collision went on to say that a couple of digital asset innovations are gaining traction, including Solana and the Lightning Network, which is a Layer 2 system similar to Bitcoin.
The goal of the Lightning Network is to make transactions faster and more cost-effective.
Stripe was founded in 2009 and quickly rose to the top of the fintech industry in the United States.
The company is currently valued at (dollar)95 billion, with Andreessen Horowitz, Baillie Gifford, and Sequoia Capital among its investors.
Stripe has diversified into a variety of financial services, including tax management and loans.
Google, Amazon, and Uber use the company to process payments.
During the same event, Collision stated that Stripe is content with its current status as a private company and has no plans to go public.
He went on to say that the company is still in its infancy and isn’t ready to branch out yet.
Collisions are the result of collisions.
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