Stripe Again Discovers Future In Crypto Payments
What’s the News?
The Co-Founder and President of Stripe company John Collision yesterday tweeted about the Stripe company again bonding with Crypto. Stripe is reintroducing the Crypto payments through USDC stablecoins. The company has decided to bring the Crypto payments to cover the market. They desire to provide financial services to all kinds of users in the market.
The company is going to dive into the market this summer, supporting the global stablecoin payments. Because of Crypto payments, transactions effortlessly settle on the chain and spontaneously convert into fiat currency. The payments can only be performed initially for Circle’s USDC stablecoin on Solana (SOL), Polygon (MATIC), and Ethereum (ETH) respectively. John Collision also added a demo session link in his tweet.
What does Stripe Company do?
Stripe is a Multinational Company providing financial services. The company is involved in payment processing software and application programming interfaces on E-commerce websites and mobile apps.
In 2023, the Stripe company is currently valued at $65 billion and is dealing as one of the biggest financial providers in the world with approximately $1 trillion in transactions.
Why Stripe Stopped Crypto Payments in 2018?
In 2018 the company resisted crypto payments due to Bitcoin's unpredictable environment. As we all are aware, the Crypto market is highly unpredictable and irregular that’s why Stripe Co-Founder John has stopped serving payments through Crypto payments.
In 2014 the payment processor of Stripe began to start serving through the Bitcoin ecosystem. Four years later, in 2018 many Fintech companies eliminated Bitcoin arguing about the functions of exchange for not being accurate as a payment system. It acts as an asset rather than a medium of exchange. Additionally, the company criticized the lengthy and high transaction fees. Also, stop accepting Crypto payments due to “Crypto Winter”.
Crypto Winter is the first downtick fall in the history of the Cryptocurrency market where the token fell from $19650 in December 2017 to $3401 in 2018. The digital currency downturn by 70% in 2018. The Crypto Winter lasted 18 months and froze many financial projects during the ICO era.
Why the company is keen to Accept Crypto After 6 years?
After 6 years of detachment due to withdrawal from Bitcoin (BTC), the company is back in the Crypto Market with Crypto payment through Circle’s USDC stablecoin on Solana (SOL), Ethereum (ETH), and Polygon (MATIC).
John Collision announced in a Keynote address at the company’s Global Internet Economy Conference about the acceptance of payments via Crypto payment along with additional experiences. The transactions will be settled on-chain and automatically converted into fiat currency.
The company is keen to re-enter the market to facilitate connection between Crypto payments and fiat currency. Another reason for interest in Crypto is due to the increment in transaction speed and low cost of transactions. He finally sees crypto as a medium of exchange because of technical improvements in Crypto.
Conclusion
According to Coin Gabbar, the re-entrance of Stripe in the Crypto market will positively impact the users. This new service will give the customer an easy way to convert Crypto payments into fiat currency. Stripe is gazing at Circle’s USDC stablecoin which will provide a kind of stability, security, and attractive choice to the clients who don’t want the price variations in the market. Hence, this step by Stripe is a growth-centric idea for the Cryptocurrency Market.
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