Stripe, a San Francisco-based online payments company, believes adopting cryptocurrencies as a payment option is not “implausible” in the future. The firm had previously started taking Bitcoin payments but stopped doing so in 2018. Stripe is open to returning to the crypto field, especially with the global crypto market valuation hovering above $3 trillion (approximately Rs. 2,22,79,296 crore). Stripe co-founder John Collison has kept the cryptocurrency doors open for the time being.
Collison was reported by CNBC as stating, “There have been a lot of improvements recently with an aim to making cryptocurrencies better and, in particular, scalable and acceptable cost as a payment mechanism.”
The corporation has recently formed a team devoted to crypto research and the exploration of the “web3” idea, which alludes to the decentralized future of the Internet as we know it.
Matt Huang, the co-founder of crypto-focused venture capital firm Paradigm, was appointed to the company’s board of directors earlier this month.
Collision, on the other hand, voiced his concerns about the crypto space. Stripe’s operation is “not that important to” the usage of cryptocurrency as a “speculative investment.”
Stripe, which was launched in 2009 and has a market capitalization of $95 billion, has risen to become the largest privately held fintech firm in the United States (roughly Rs. 7,07,598 crore).
In the meanwhile, the worldwide crypto industry has exploded.
While El Salvador legalized Bitcoin as a form of payment in September, cities such as New York and Miami have developed their own original city coins based on crypto technology.