As the crypto market becomes more mainstream with the rising fears of inflation, cryptocurrencies are fast gaining adoption as a means of payment. Therefore, payment platforms are launching crypto services to be at par with what is happening in the global financial sector.
The President and co-founder of Stripe, John Collison, has stated that it was “not implausible” for the payments platform to support cryptocurrencies again.
Stripe to accept cryptocurrencies again
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During an interview with CNBC, Collison has stated that while cryptocurrencies were not directly relevant to the company’s strategy, they could be added into its offerings in the future. He noted that cryptocurrencies were growing and becoming more scalable to be used as a payment method; thus, they would be added to the firm’s future offerings.
In particular, Collison pointed to the Lightning Network and Solana (SOL/USD), which offered past speeds and made major developments that make the crypto sector attractive.
He noted that cryptocurrencies could play a role in Stripe’s offerings if they matched the firm’s policy of fitting into the global economy. He noted that cryptocurrencies were currently used as a means of payment in countries with a well-developed credit card system and bank transfers, and the differential value was not high.
He also stated that countries that lacked this system were at a disadvantage, which is a mismatch for what Stripe advocates for, which is global inclusion.
Adoption of crypto by payments platforms
Stripe is a payments platform that seeks to enable global online payments. In 2018, the platform was offering support for Bitcoin, but it later discontinued the service. Its re-entry into this sector comes as major payment service firms strive to launch crypto offerings.
PayPal has already launched crypto services for its US customers. The platform will allow users based in the US to buy, sell and hold cryptocurrencies. Moreover, it has also made crypto payments possible for its US customers, aiming to make this service available globally in the coming months.
Square, one of Stripe’s major competitors, is also an agile supporter of Bitcoin. The payment service firm headed by Jack Dorsey recently published a whitepaper on a Bitcoin DEX that it is working on. PayPal’s affiliate, Venmo, also has crypto offerings.
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