Online payment company Stripe is considering a return to crypto

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The US online payment company Stripe in San Francisco says it is not “implausible” to accept cryptocurrencies as a payment method in the future. The company had previously started accepting Bitcoin payments, but stopped the practice in 2018. Currently, when the total capitalization of the crypto market is a whopping $ 3 trillion (roughly Rs 2.22.79.296 billion), it’s no surprise that Stripe is open to re-entering the space. For now, Stripe co-founder John Collison has kept the doors to crypto open.

“Lately there have been many developments with the aim of making cryptocurrencies better and, in particular, more scalable and at acceptable costs as a payment method,” CNBC quoted Collison as saying.

The company recently created a team dedicated to exploring the crypto space as well as exploring the “web3” concept – which relates to the decentralized future of the internet as we know it.

At the beginning of November, the company brought Matt Huang, co-founder of the crypto-oriented venture capital company Paradigm, to its board of directors.

However, Collision has voiced its reservations about the crypto space. The use of cryptocurrencies as a “speculative investment” is something that is “not that relevant” to the work of Stripe.

Stripe was founded in 2009 and has grown to become the largest private fintech company in the USA with a market valuation of 95 billion US dollars (approx. 7.07.598 billion rupees).

In the meantime, the crypto market has grown significantly on a global level.

While El Salvador legalized Bitcoin as legal tender in September, places like New York City and Miami introduced their own native city coins based on crypto technology.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.

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