Tuesday, November 30, 2021

Stripe is open to accepting cryptocurrency payments in the future.

The Takeaway:

Stripe isn't ruling out accepting cryptocurrency as a method of payment in the future, according to its co-founder John Collison.

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In an interview with CNBC, the co-founder of Stripe, John Collison, revealed that the online payment company isn’t ruling out accepting as a method of payment in the future. Stripe had ended support for bitcoin payments in 2018, citing the digital coin’s notoriety for volatile price swings and a lack of efficiency in making everyday transactions. “Crypto obviously means a lot of different things to a lot of different people,” Collison said.

 

“I think it’s not implausible.”

Collison said some aspects to crypto — such as its use as a speculative investment — are “not that relevant to what we do at Stripe.” But, 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 asked about whether Stripe would accept crypto payments, he replied, “We don’t yet, but I think it’s not implausible that we would.” The payment company recently formed a team dedicated to exploring crypto and “Web3,” a buzzword in tech that refers to a new, decentralized version of the internet.

 

“There are a number of innovations emerging in digital assets that have potential.”

Stripe’s co-founder Collison aid there are a number of innovations emerging in digital assets that have potential, including Solana — a competitor to ethereum, the world’s second-biggest digital currency — to “Layer 2” systems like bitcoin’s Lightning Network, which aim to speed up transactions and process them at a lower cost. Founded in 2009, Stripe has quickly become the largest privately-held fintech company in the U.S. The company was last valued at $95 billion and counts the likes of Baillie Gifford, Sequoia Capital, and Andreessen Horowitz as investors.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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