Stripe is once again considering accepting cryptocurrency as a payment tool in the future, according to the company's co-founder John Collison on CNBC. Previously, the company ended support for Bitcoin payments, back in 2018, due to high volatility and lack of efficiency for day-to-day transactions.
Stripe is considering crypto payments
According to Collison, the company is not yet ready to unequivocally say that it is ready to resume crypto acceptance, but it is still a possibility that might find realization in the future.
Previously, the online payment processor with a $94 billion valuation removed Bitcoin payment support after the market crash in 2018. The official reason was the asset's volatility and high fees under a major network load.
Collison also stated that, today, crypto is "a lot of different things to a lot of different people," meaning that some individuals use it for speculative trading or investing and others utilize it for remittance or daily payments.
The co-founder also noted that digital assets have stepped up of their game in comparison to the state of the industry back in 2018. More coins like Solana appear on a market that is already scalable, traditional currencies like Ethereum are now using Layer 2 solutions, etc.
Discovering Web3
Previously, the company formed a team to explore crypto and "Web3," which is the new technology that allows for combining the traditional internet experience with decentralized solutions and applications.
Increased efforts toward further adoption of cryptocurrency technology are tied to Guillaume Poncin, the company's head of engineering that advocates for more research in the industry and focuses more on decentralized solutions for payments.
Vladislav Sopov
Dan Burgin