Stripe is open to accepting crypto for payments (again), Co-founder says

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  • Stripe co-founder John Collison says it’s imaginable the payments steadfast could adhd cryptocurrency arsenic a outgo option
  • It’s been 3 years since the institution halted bitcoin payments
  • Collison points retired developments successful the integer abstraction similar Layer 2 protocols arsenic a cardinal to solving 1 of the main bottlenecks of crypto payments

Stripe, an online payments elephantine that has seen monolithic maturation successful the past fewer years, stopped accepting crypto payments successful 2018 erstwhile it ended enactment for the world’s largest crypto by marketplace headdress Bitcoin.

The steadfast has since not revealed immoderate plans to judge cryptocurrency payments. 

However, there’s nary ruling retired that a u-turn connected crypto won’t happen, according to co-founder John Collison. 

Not yet, but it tin happen

On Tuesday, Collison told CNBC astatine the Fintech Abu Dhabi lawsuit successful the UAE that the institution whitethorn not beryllium acceptable to enactment integer plus payments. However, that did not mean that it could look astatine accepting them successful the future.

He opined that it wouldn’t beryllium “implausible” for the San Francisco, US, and Dublin, Ireland-based fiscal services supplier to clasp crypto.

He besides said that they (at Stripe) don’t look astatine crypto successful presumption of its usage arsenic a speculative concern instrument, adding that the thought is “not that applicable to what [they] bash astatine Stripe.”

Improved scaling and reduced transaction costs

When it ended its enactment for BTC payments, Stripe pointed retired the issues of chaotic volatility and the inefficiency that characterised the coin’s usage arsenic a currency. Crypto prices fluctuate sharply passim the day, with declines oregon upsides triggered by a myriad of factors. 

While the burgeoning manufacture inactive faces a fewer teething problems, particularly connected the regulatory front, Collison says on-chain developments crossed respective platforms proceed to marque it better. And main among these “solutions” person been improvements made towards web scalability and simplification of transaction costs, helium added.

According to the Stripe exec, innovations specified arsenic Lightning Network and the emergence of highly scalable networks specified arsenic Solana (SOL), are conscionable portion of what could marque usage of crypto for payments turn crossed industries. The benefits of these developments, helium explained, are faster, cheaper transactions.

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