Stripe had previously discontinued cryptocurrency payments in 2018 due to Bitcoin’s highly volatile nature.
Global payments giant Stripe decides to restart crypto payments after a 6-year hiatus. Initially, Stripe will only open up to stablecoin USDC on Solana, Ethereum, and Polygon blockchains this summer.
Speaking at the company’s Global Economics Conference, Stripe’s Co-founder and President John Collison stated:
We’re bringing back crypto as a way to accept payments, but this time with a much better experience with stablecoins.
Stripe had a long history with cryptocurrency, starting with accepting Bitcoin in 2014. However, after four years, they halted all those efforts, citing Bitcoin’s excessive volatility and considering it an asset rather than a suitable medium of exchange. They also criticized Bitcoin’s increasing transaction times and fees.
2018 also marked the first Bitcoin bear market. At that time, the price of the king coin plummeted from $19,650 in December 2017 to $3,401 by the end of 2018.
Later, the fintech giant re-entered the market by co-founding Facebook’s Libra project, which ultimately failed and was disbanded. In 2022, Stripe introduced its fiat-to-crypto service and partnered with MetaMask to expand its on-ramp in the US, all paving the way for its full-fledged re-entry into the crypto space this year.
According to Bloomberg, Stripe is currently valued at around $65 billion and is one of the world’s largest payment service providers, processing over $1 trillion in transactions in 2023.
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