Stripe to bring back crypto payments in the next few months

This is the first crypto-centric announcement from Stripe since May of last year

share

Global payments company Stripe announced that it was going to start allowing crypto payments on Thursday at the company’s Global Internet Economy conference. 

Speaking at the final keynote, titled the Future of Payments, Stripe’s president John Collison,  said, “our history with crypto goes back a long time.” He cited the company’s now-defunct bitcoin support back in 2018 because it wasn’t being used. 

“We’re excited to announce that we’re bringing back crypto as a way to accept payments, but this time with a much better experience,” he announced.

Due to the fact that crypto has more use cases and, as Collison’s presentation said, “crypto’s back,” Stripe decided to bring back crypto payments. 

“Crypto is finding real utility,” Collison said. “With transaction speeds increasing and costs coming down, we’re seeing crypto finally making sense as a means of exchange.”

The feature, he added, will be available later this summer. 

The company hasn’t made any crypto-centric announcements since last year. 

Read more: Payment company Stripe enables crypto payouts in USDC

Collison told Axios last spring that the company saw potential in crypto, though it wasn’t going to switch its strategy to focus more on the space.

Collison said at the time that, despite the fact that some of their early crypto products faced a lack of demand, the company was still interested in the role crypto could play in the future.

Just last May, Stripe debuted a fiat-to-crypto onramp.

“The embeddable onramp is helpful for Web3 companies that want to fully customize the branding and customer experience, while the Stripe-hosted option provides an even easier way for users to get started,” the company said in a press release at the time.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (4).jpg

Research

Despite crypto gaming related projects and funds raising close to a billion dollars in November 2021, there have been only a handful of games that have attracted users apart from mercenary capital, and have had sustained activity for longer than a few months. Crypto gaming is going through an infrastructure phase. Theoretically, crypto gaming stands to benefit from purpose-built, high throughput chains, where blockspace is cheap (especially for games which are fully onchain). However, despite the launch of many gaming-focused chains, most crypto games are lacking in quality and quantity. Most new crypto gaming infrastructure either have no games or only a few games launched (e.g. Xai) or have failed to garner meaningful attention (e.g. Immutable X).

article-image

As Bloomberg analysts up their ether ETF approval odds, concerns about ETH’s liquidity and its possible status as a security remain

article-image

Ethereum is becoming a multilayered lasagna-like system, pushing people to the margins with its complexity and fees

article-image

Ether would be set to re-test its 2021 price high should the regulator unexpectedly approve ETH funds, industry watchers say

article-image

The Financial Innovation and Technology for the 21st Century Act, known as the FIT21 Act, is expected to head to the floor for a vote in the House in the afternoon on May 22

article-image

NYAG announced details about its settlement with bankrupt lender Genesis on Monday

article-image

The $948 million of inflows from May 13 to May 17 roughly equaled the net money that left the fund category over the five prior weeks