A U.S.-based fintech company Stripe, that provides convenience to the firms like Google and Amazon to acquire payments, is looking to once again allow crypto payments, as John Collison (the company’s co-founder) signaled on Tuesday. The firm (having a valuation of $95 billion) might resume its venture in the crypto world three years following its termination of support for Bitcoin (BTC) payments.
Stripe moves to get back into crypto
Formerly in 2014, Stripe gained the attention of news agencies when it turned out to be the initial major online crypto payment company. Then after four years, the extremely valuable startup of the United States ascertained to terminate the crypto service, referring to the slow transaction times as well as high fees charged over transactions. In 2021, the company is not excluding the crypto integration out of the future scenario. While expressing the viewpoint during the Fintech Abu Dhabi event’s panel interview, Collison specified that the firm is presently not capable of resuming the crypto acceptance, however, it has considered this subject.
The co-founder then moved on to mention that there are many things in crypto which are interpreted differently by different people signifying that it is preferred to be utilized being a store-of-value and others prefer to use it as a method of payment with some prioritizing its use in trading which is of frenzied speculative type. Specifically, Collison is of the view that the company does not deal with something related to speculative investments.
Even now, he considers that significant development has been shown by the industry of cryptocurrency as compared to the state of the sector many years back. The developers are struggling to a great extent to bring more scalability to the cryptocurrencies and their daily transactions. He cited Lightning Network of Bitcoin and Solana (the Ethereum killer) to be counted among the recent innovations having the potential to get at the targets of low-cost, scalable crypto transactions.
Alluring the masses
It is a piece of pleasant news for the investors that a firm having a value of up to $95B is stepping into the crypto to grow its ecosystem. In this respect, the crypto payments market has surged considerably during the exile of Stripe from 2018 onwards. In the case of rejoining the crypto payments, the company will partner with its fellow fintech firms such as PayPal and Square who are benefitting from the rising thrill of payment solutions in cryptocurrency.