Online payments company Stripe rethinks a return to crypto

San Francisco, US-based online payments company Stripe said it was not “unlikely” to start accepting cryptocurrency as a payment method in the future. Previously, the company had started accepting Bitcoin payments but discontinued the practice in 2018. At present, while the overall crypto market capitalization is around $ 3 trillion (around Rs. 2.22) , 79,296 crore), it’s no surprise that Stripe is ready to re-enter space. For now, Stripe co-founder John Collison has kept the doors to crypto open.

“There have been a lot of developments lately with the aim of improving cryptocurrencies and, in particular, a scalable and acceptable cost as a method of payment,” CNBC said, citing Collison.

The company recently created a team dedicated to researching the crypto space as well as exploring the concept of ‘web3’ – which refers to the decentralized future of the Internet as we know it.

Earlier in November, the company hired Matt Huang, co-founder of Paradigm, a crypto-focused venture capital firm, to join its board of directors.

Collision has expressed its reservations around the crypto space, however. Using cryptocurrencies as a “speculative investment” is something that is “not so relevant to” how Stripe works.

Stripe, founded in 2009, has grown to become the largest privately held financial technology company in the United States with a market valuation of $ 95 billion (roughly Rs.707,598 crore).

During this time, the crypto market has grown significantly globally.

While El Salvador legalized Bitcoin as legal tender in September, places like New York City and Miami City have adopted their own native coins based on crypto technology.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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