After it had stopped accepting bitcoin payments in 2004, Stripe announced that they have restored crypto support. The company now says, “Our optimism for the future of crypto was not unfounded … Crypto is going mainstream.”
Stripe Recommends Crypto Support
With the launch of new products, Stripe, the payment giant that has been in crypto for four years now is reentering the space.
Stripe is an international payment infrastructure company, with headquarters in San Francisco and Dublin. It also has 14 worldwide offices. Its website states that Stripe is used by millions of businesses in more than 120 countries to launch, manage, and grow their business, including Amazon and Google as well as Shopify and Microsoft.
John Collison, cofounder of Stripe, announced via Twitter that the company supports cryptocurrency businesses. This includes on-ramps and wallets as well as non-fungible token marketplaces (NFT).
Stripe was the first company to adopt bitcoin. “In 2014, we became the first major payments company to support Bitcoin payments,” the company explained on its website. However, Stripe stopped processing Bitcoin transactions in April 2018 citing block size issues, which the company said led to “bitcoin becoming less useful for payments.”
Four years after Stripe stopped supporting bitcoin payments, the company explained in a blog post, “We’ve learned that our optimism for the future of crypto was not unfounded.” The payment company elaborated:
Crypto is becoming mainstream, thanks to new developments in the blockchain infrastructure and widespread interest by major financial institutions.
“To better support our customers and continue to grow the GDP of the internet, we are working to give crypto businesses access to today’s global financial infrastructure — starting by partnering with FTX and Blockchain.com to broaden consumer access to crypto,” Stripe further noted.
Let us know your thoughts about Stripe’s decision to bring back crypto support four years after it was discontinued. Please comment below.
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