Stripe, the payment processing behemoth, has reintroduced cryptocurrency functionality after a four-year hiatus. “Our hope for the future of crypto was not unjustified,” the corporation now claims. “Crypto is becoming more widely accepted.”
Stripe Reintroduces Cryptocurrency Service
Stripe, the payment behemoth, has re-entered the crypto industry after a four-year hiatus with the launch of a suite of crypto-related products.
Stripe is a payment infrastructure firm with 14 global offices based in San Francisco and Dublin. It is used by millions of organizations in over 120 countries to establish, run, and scale their businesses, including Amazon, Google, Shopify, Microsoft, Spotify, Uber, and Nasdaq, according to the company’s website.
Stripe co-founder John Collison said Twitter that his company now supports crypto businesses including exchanges, on-ramps, wallets, and non-fungible token (NFT) marketplaces.
It was one of the first major corporations to accept bitcoin as a payment method. “We were the first big payments company to support Bitcoin payments in 2014,”
On the other hand, discontinued processing Bitcoin transactions in April 2018, citing block size difficulties as a reason for “bitcoin becoming less suitable for payments,” according to the business.
“We’ve learned that our confidence for the future of crypto was not unjustified,” Stripe wrote in a blog post four years after it ceased accepting bitcoin payments. The payment business went on to say:
Crypto is becoming more mainstream, thanks to significant breakthroughs in blockchain infrastructure and increasing interest from big financial institutions.
“To better assist our clients and continue to expand the internet’s GDP, we’re striving to provide crypto firms access to today’s global financial infrastructure,” Stripe continued. “We’re starting by teaming with FTX and Blockchain.com to broaden consumer access to crypto.”
Overview
Stripe, Inc. is an Irish-American financial service and software as a service (SaaS) firm with offices in both San Francisco and Dublin, Ireland. Payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications are the company’s main offerings.
It was founded by Irish brothers John and Patrick Collison in Palo Alto, California, in 2009. PayPal co-founders Elon Musk and Peter Thiel, Irish entrepreneur Liam Casey, and venture capital companies Sequoia Capital, Andreessen Horowitz, and SV Angel all contributed $2 million to the startup in 2011.
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