• Stripe announced that it will start allowing crypto payments in the next few months
• This is Stripe’s first crypto-centric announcement since May 2022
• Stripe co-founder John Collison cited increasing transaction speeds and decreasing costs as reasons for bringing back crypto payments
Global payments processor Stripe announced at its recent conference that it will soon re-enable support for cryptocurrency payments. This marks a reversal from 2018 when Stripe suspended crypto payment support due to lack of usage. With crypto gaining more mainstream traction lately, Stripe has decided the time is right to bring crypto payments back.
Stripe’s History With Crypto
- Originally enabled bitcoin support in 2018
- Discontinued it later that year due to lack of usage
- Remained interested in cryptocurrency’s potential
- Launched fiat-to-crypto onramp product in 2021
Why Now?
- Crypto has more use cases today
- Transaction speeds are faster
- Fees are lower
- Overall better experience for users
What’s Next?
- Crypto payments feature will launch later this summer
- Support for additional cryptocurrencies to be determined
- Integration aimed at improving ease of use
Stripe’s president John Collison announced the company’s renewed crypto commitment during his keynote talk at the Stripe Global Internet Economy conference. Collison cited crypto’s increasing utility and improving fundamentals as reasons to revisit their earlier stance.
With Stripe’s large customer base, the return of crypto support is a bullish signal for further mainstream adoption. The global payments giant is optimistic that the time is right for crypto payments to gain more traction. Their improved implementation aims to make the experience smooth and user-friendly.
