Stripe, a global payment processing giant with annual revenues exceeding $15 billion, has announced plans to reintegrate cryptocurrency into its payment options.
This strategic shift comes six years after the company ceased all cryptocurrency transactions, citing the volatility and inefficiencies of Bitcoin (BTC).
Stripe plans to relaunch its crypto payment services later this summer, initially supporting Circle’s USDC stablecoin, signaling a renewed confidence in digital currencies.
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John Collison, co-founder and president of Stripe, shared the company’s vision for a revitalized approach to crypto payments at the Global Internet Economy Conference. He asserted that transactions would settle instantly on-chain and automatically convert to fiat.
“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” Collison stated, highlighting the technological improvements that have reshaped the cryptocurrency landscape.
Additionally, Stripe introduced over 50 new features at its annual user conference, Stripe Sessions, held at the Moscone Center in San Francisco.
Initially, Stripe will support USDC transactions on the Solana (SOL), Ethereum (ETH), and Polygon (MATIC) networks.
Stripe first engaged with the Bitcoin ecosystem in 2014, positioning itself among the early adopters of cryptocurrency payments. However, it exited the crypto space in 2018 when Bitcoin underwent its first major price crash. After leaving the digital asset ecosystem, Stripe attempted a comeback the following year with Facebook’s Libra project.
Industry reactions
Dan McArdle, co-founder of crypto research firm Messari, commented on Stripe’s decision, expressing his hope that Stripe will “stick with it this time.” He referred to the payment giant’s previous decision to terminate support for Bitcoin payments in 2018.
Crypto enthusiasts and prominent figures in the emerging industry took to the comments section to congratulate Stripe on its return to the crypto space. Solana Labs’ head of communications, Austin Federa, and the Algorand Foundation were among the first to respond.
The stablecoin USDC recently came into the spotlight when Binance announced that it had converted the entire pool of assets held in the emergency fund for users into USDC.
As one of the largest payment processors globally, with over $1 trillion in transactions processed in 2023 alone, Stripe’s re-entry into the cryptocurrency market is set to influence widespread adoption.
