Stripe stopped accepting cryptocurrency payments in 2018, due to the highly volatile nature of Bitcoin.
Stripe restores crypto payments after 6 years. Photo: CryptoSlate
Global payments giant Stripe decided to relaunch crypto payments after 6 years of stopping support . Stripe first opened its doors to stablecoin USDC on the Solana , Ethereum , and Polygon blockchains this summer.
Crypto is back. @Stripe will start supporting global stablecoin payments this summer. Transactions instantly settle on-chain and automatically convert to fiat. Join the waitlist https://t.co/hws2OsU3Id and watch the demo (h/t @ Solana ) from Sessions. pic.twitter.com/zGKYW2FM6i
— John Collison (@collision) April 25, 2024
Speaking at the company's Global Internet Economy Conference, Stripe Co-Founder and Chairman John Collison stated:
"Announcement, we are bringing cryptocurrency back to the platform, with much new experiences.”
Stripe has been involved in the cryptocurrency space for a long time, starting with the adoption of Bitcoin in 2014. However, four years later, they stopped all those efforts , saying Bitcoin was too popular. dynamic and should be XEM as an asset and not as a medium of exchange. They also criticize Bitcoin's increasing transaction times and fees.
2018 is also the time when the crypto market witnessed the first Bitcoin winter. At that time, the price of the king coin dropped sharply from 19,650 USD in December 2017 to 3,401 USD at the end of 2018.
Bitcoin price fluctuations on the weekly frame from late 2017 to late 2018. Photo of graph on Binance floor
After that, the fintech giant re-entered the market by participating as a co-founder of Facebook's Libra project , but they failed and Libra also disbanded . By 2022, Stripe has introduced fiat-to-crypto services and also joined hands with MetaMask to expand on-ramp in the US , all stepping stones before this giant reintegrates into the crypto field this year. .
According to Bloomberg , Stripe is currently valued at about 65 billion USD and is one of the largest payment service providers in the world, with more than 1,000 billion USD in transactions in 2023.
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