Stripe Plans To Re-Launch Its Crypto Platform!

According to public announcements issued on Twitter on Tuesday, payments startup Stripe is forming a new crypto team to assist build out the “future of Web3 payments.” Stripe, which was one of the first companies to accept Bitcoin payments before exiting the industry a few years ago, has been waiting for the proper opportunity to return. But it’s still unclear how those ideas will pan out.

What is Stripe?

Stripe is an Irish-American financial services and software-as-a-service firm with offices in both San Francisco and Dublin, Ireland. Payment processing software and application programming interfaces for e-commerce websites and mobile applications are the company’s main offerings.

History of Stripe in cryptocurrencies

Stripe said in January 2018 that it would stop supporting Bitcoin payments in April of that year, citing that the cryptocurrency had become less effective for payments for a variety of reasons.

The company noted at the time that transaction confirmation times had increased, resulting in increasing failure rates, and that prices had also risen dramatically. Stripe, on the other hand, claimed at the time that it was “very bullish” about cryptocurrencies in general, as well as initiatives such as Lightning and others that could allow for faster payments. Other developments, such as OmiseGO, as well as a number of high-potential Ethereum-based ventures in the pipeline, were also mentioned.

Stripe is re-entering the crypto world after years of waiting on the sidelines.

Stripe is searching for Web3 developers and designers to round out its new crypto team, according to a post on Stripe’s user relations team by Edwin Wee. While Stripe declined to clarify its strategy, Wee’s article sheds some light on how the firm views the market now.

“Crypto holds the potential of faster and less expensive payments, particularly in underserved markets,” he wrote.

“In 2018, we said that Stripe would ‘look for opportunities to help our customers by adding support for crypto in the future.’ That time has come,” Wee announced.

Source: Cartfuel

About this launch

Guillaume Poncin, Stripe’s Head of Engineering, is leading the team and has posted about the job positions. Stripe is hiring crypto engineers in four locations: New York, San Francisco, Seattle, and remotely, but it isn’t stating how many total staff it is trying to hire from the pool of applications.

While there’s nothing wrong with a $95 billion corporation playing with crypto again, it’s unclear how significant this statement is in terms of Stripe’s overall corporate strategy at this time.

However, since Stripe’s left in 2018, the market for crypto payments has exploded. In recent months, payments behemoth PayPal has taken huge measures to embrace crypto, in addition to other crypto payment startups joining the field and greater acceptance by larger brands and retailers.

PayPal stated in November 2020 that all U.S. users could now buy, hold, and sell cryptocurrencies on its platform. It has lately expanded this to include overseas markets as well as its payment app Venmo.

More importantly, it introduced a function that allows U.S. customers to pay with cryptocurrencies at any PayPal business, greatly expanding the use of cryptocurrency for online payments.

Coinbase has been making purchasing and spending crypto more accessible through interfaces with PayPal, Apple Pay, and Google Pay as consumer use develops, while cryptocurrency exchange Binance has teamed with e-commerce behemoth Shopify on crypto payments.

Meanwhile, Stripe isn’t the only company considering crypto’s possibilities in “underserved” markets. Square stated this summer that it would devote the final $25 million of its $100 million investment to minority and marginalised communities, with $5 million going to the Square, Inc. Bitcoin Endowment.

“From those with no credit history who cannot open bank accounts, to people living in places with limited access to banks, to populations that have historically been discriminated against, Bitcoin can help level the playing field and build a more inclusive future,” said square.

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