Three years after discontinuing bitcoin payments due to increased volatility and inefficiency, financial services and software behemoth Stripe may soon reintroduce cryptocurrency support.
- Stripe CEO John Collison spoke about the possibilities of his company reenabling digital asset services during a CNBC-moderated panel at the Fintech Abu Dhabi festival on Tuesday.
- Although he did not provide a definitive answer, Collison stated that the firm has not ruled out such a possibility. More specifically, he stated that while Stripe does not yet accept cryptocurrency payments, “I don’t think it’s implausible that we would.”
- Stripe, a financial services company with offices in both San Francisco and Dublin, Ireland, stopped accepting bitcoin payments in 2018. The firm’s reasoning at the time was BTC’s infamous volatility and a lack of efficiency.
- Collison, on the other hand, described the asset class’s growing popularity, saying, “crypto obviously means a lot of different things to a lot of different people.”
- Although Collison’s company is not looking to get involved in some aspects of the industry, namely speculative investments, as he refers to them, he believes Stripe has a path in due to other characteristics.
- “There have been a lot of developments recently with the goal of making cryptocurrencies better, especially scalable and affordable as a payment method.”
- If Stripe does accept digital asset payments, it will join a growing list of traditional financial institutions that have done so. PayPal, perhaps the most well-known name, began offering a variety of cryptocurrency services to its millions of customers last year.
- Stripe, which was founded in 2009, has reported revenue of more than $7 billion (as of 2020), and its total valuation is close to $100 billion. As of now, the company is still privately held, and Collison recently stated that they would be “very happy” to keep it that way.
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