At the company's Global Internet Economy Conference on Thursday, Stripe revealed its decision to reintroduce support for cryptocurrency payments.
During a recent keynote session, titled The Future of Payments, John Collison, president of Stripe, highlighted the company's past involvement in cryptocurrencies, noting that their experience with cryptocurrencies goes back a long time. Collison Referred to The company's previous project was to support Bitcoin (BTC) in 2018, which was discontinued due to lack of usage.
Collison expressed excitement about the reintroduction, noting that Stripe was excited to bring cryptocurrencies back to accepting payments but just wanted Circle's USDC stablecoin and a much better experience.
The decision to reintegrate cryptocurrency payments stems from their increasing utility, as emphasized in Collison's presentation. Collison pointed to improvements in transaction speeds and lower costs that make cryptocurrencies a more viable medium of exchange.
The feature is expected to roll out later this summer, signaling Stripe's return to the cryptocurrency space after a period of relative calm. Collison had previously Shown The company's interest in the potential of cryptocurrencies despite some previous products facing declining demand.
Last May, Stripe introduced a fiat-to-crypto onramp, providing options for both embeddable and customizable onramps for web3 companies and the option of Stripe hosting for user convenience.
Stripe's reintroduction to cryptocurrency payments reflects a strategic decision to adapt to the evolving digital payments landscape. It recognizes the growing value of cryptocurrencies in global transactions while striving to enhance user experience and accessibility.