TL;DR Breakdown
- Stripe is considering crypto payments after knocking over the option in 2018.
- The payment firm is also recruiting a new crypto squad to pilot its future payment system.
US fintech giant Stripe could adopt crypto payments in the future. According to the co-founder John Collison, it’s not implausible that the company would consider digital assets.
Last month Stripe announced that it’s forming a crypto team. The group will help to steer the ” impending Web3 payments “.According to Stripe’s website, they seek to hire Engineers who poses excellent knowledge in cryptocurrency.
The payment firm once accepted Bitcoin payments in 2014. It was among the earliest eminent firms to adopt Bitcoin payments. However, at the beginning of 2018, Stripe said the currency wasn’t working for their payment system. The company noted they were ushed to the decision by bitcoin’s high transaction fees. Slow transactions also contributed to the decision. They halted bitcoin payments in April of the same year.
Still, the payments firm has been optimistic about the potential of digital assets. They have seen cryptos gain mainstream acceptance. At the beginning of this year, the popular company hinted that they could support crypto again.
According to reports, Collison said the universe and the crypto population they plan to build are linked goals. He noted that digital assets are available to change the universe, and that’s the direction to follow.
Collison insists that several innovations are emerging in the crypto market. With this, the company could re-enter the digital world.
Bitcoin’s Lightning Network
Bitcoin’s Lightning Network( LN ) is a second layer on Bitcoin’s network. Lightning Network has impacted the evolution of digital assets positively. Thaddeus Dryja and Joseph Poon established it. LN improves transaction processes and lowers the associated costs. Additionally, it allows transactions between off-chain transactions.
Recent technological developments have been adopted on Bitcoin’s Lightning Network. New use cases have been incorporated to improve bitcoin’s future. The products are expected to speed up transactions and lower fees significantly.
That fact shows the future of bitcoin is bright. Now the payment firm is considering entering the crypto market again. Still, the firm has not explained its insight into the upcoming plans.
The birth of Stripe
Stripe was established in 2009 in the United States. Two Irish brothers, John and Patrick Collison, are behind its innovation. Presently the firm has a valuation of about $ 100 billion.
The payment firm processes massive transactions each year. Infact data from Built With noted that about 784,300 web pages are presently using Stripe’s payments system.
Popular companies like Google, Squatwolf, Airbnb, Lyft, Deliveroo, Amazon, Slack, Glossier, and Shopify use the payment system. They utilize the company’s software tools to make the payments process smooth.
Earlier this year, the payment technology company raised over $ 590 million. This happened in a funding round at a valuation of almost $ 94 billion. This figure is over two times its valuation of $ 35 billion in 2019.
Stripe faces stiff competition from WePay, Mastercard, 2Checkout, Square, Authorize. Net, PayPal, Adyen, and Braintree.
Stripe intends to expand its real-world point-of-sale product Terminal across other regions. The development will come to five European countries, including Ireland.
