Thursday, May 23, 2024

Crypto Back on Stripe: Payments Now Accepted in USDC.

Later this summer, Stripe will resume support for cryptocurrency payments, albeit initially solely for Circle’s USDC stablecoin, six years after discontinuing support for bitcoin (BTC) and cryptocurrency payments in general.

“We’re thrilled to declare that we’re reintroducing cryptocurrency as a payment method, but with an enhanced experience,” stated co-founder and president of Stripe, John Collison, during a keynote speech at the company’s Global Internet Economy conference on Thursday.

The payment processor originally entered the bitcoin ecosystem in 2014; thus, it has a long history in the cryptocurrency space. It abandoned all of those attempts in 2018, four years later, claiming that bitcoin would be better used as an asset than a medium of exchange due to its extreme volatility.

The first “crypto winter” of bitcoin occurred in that year, with the token falling from a peak of $19,650 in December 2017 to $3,401 by the end of 2018.

The next year, the fintech behemoth made a move towards re-entering the market when it joined Facebook’s Libra project as a co-founder. However, the company withdrew later that year, and Libra never took off. Stripe unveiled a project in 2022 to enable payments from cash to cryptocurrency.

During his Thursday speech, Collison stated, “Crypto is finding real utility.” “We’re seeing crypto finally make sense as a means of exchange, with transaction speeds increasing and costs coming down.”

According to Stripe, payments will be accepted on the Polygon (MATIC), Ethereum (ETH), and Solana (SOL) blockchains.

As per Bloomberg, the company’s current valuation stands at $65 billion. It is among the largest payment providers globally, handling over $1 trillion in transactions by 2023.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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