Payment Network Stripe may relaunch Crypto-based Transaction
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United States-based payment network firm, Stripe enables big companies like Amazon and Google to accept payments easily with the services of the Stripe network.
Through its bitcoin payment option, Stripe grabbed massive attention in the crypto and non-crypto market. Later in 2018, Stripe announced the suspension of the Bitcoin payment option due to issues like low scalability, high transaction fees, and time wastage while waiting to confirm transactions.
After a long time, Co-founder at Stripe, John Collison hinted they may re-allow crypto payments in their payment system. He made this known at an interview with the CNBC-moderated panel at Fintech Abu Festival On November 24.
On speaking on CNBC, Collison said that Strike company is not ready to accept crypto payments right now but questions regarding the crypto payments integration are not out of the company’s course.
Asserting use cases of the crypto assets, Collison said there are many use cases like tradable assets, stores of value. Lots of different things to lots different people.
He, however, said that Stripe is open to investing in other assets, but the crypto assets are not part of their need.
On the improvement of the blockchain and crypto, Collison stated that over the years, the whole crypto and blockchain industry transitioned into something new in the present time.
Developers are doing the best that they can to make the blockchain network, faster, more scalable and efficient.
According to Collison, in recent time, to fulfill efficiency in transactions and also the requirements of scalability, Bitcoin lightning Concept and Ethereum killer, Solana, are better options.
Stripe was founded in Palo Alto, CA, in 2009 by brothers, John and Patrick Collison. The company received an investment of $2 million in 2011. It also includes investment from PayPal, Irish entrepreneur Liam Casey, co-founders Elon Musk and Peter Thiel, and venture capital firms Andreessen Horowitz and SV Angel.
Stripe made its first acquisition with a chat and task-management app, Kickoff In March 2013. The company moved from Palo Alto to San Francisco in 2012 and in October 2019, it announced it would be moving from the South of Market area to Oyster Point in South San Francisco in 2021.
In February 2021, Stripe appointed former Governor of the Bank of England, Mark Carney, into its board. Nigerian payment platform, Paystack was acquired by Stripe.
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