Stripe, a big fintech company, is getting back into the cryptocurrency market. They recently announced that they will allow customers to accept cryptocurrency payments. Initially, they will start with one specific currency called USDC stablecoins, and it will be available on Solana, Ethereum, and Polygon. This is the first time Stripe is accepting crypto payments since 2018 when they stopped supporting Bitcoin due to its instability.
In 2022, Stripe made its first attempt to reenter the crypto market by offering payouts in USDC, but not accepting payments. However, the recent announcement does not mention any specific customers.
The co-founder and president of Stripe, John Collison, will announce this news at the company’s Connect developer conference, which is happening this week in San Francisco.
Collison stated earlier that transaction settlements are now faster and transaction costs are lower compared to before. Stripe is reintroducing crypto payments, but this time with stablecoins, which offer a better experience.
Stripe also announced several other launches, including the integration of competing payment providers with Stripe’s financial services tools for the first time.
Stripe has had a complicated relationship with crypto over the years. While the company has been interested in blockchain-based technologies and their impact on financial services, it has been cautious due to the volatility and instability of cryptocurrencies. Stripe processed $1 trillion in transactions last year and continues to grow. Its current valuation is $65 billion.
