Stripe Revives Interest in Digital Assets; To Build Crypto Team

Giant payments firm Stripe has indicated that its building a new crypto team three years after ending support for Bitcoin.
Giant payments firm Stripe has indicated that its building a new crypto team three years after ending support for Bitcoin.

Giant payments firm, Stripe, has indicated that it’s building a new crypto team from tweets made by its representative on Tuesday. The payments processor was among the first to support Bitcoin remittances in 2015 before quitting the support three years later.

From the company’s statements then, rising operating costs were one of the significant deterring factors. The firm also blamed long transaction times and higher occurrences of failed transactions for their 2018 exit.

After the exit, the immediate comments of Stripe’s representative showed that they were “very optimistic” about digital currencies. But there were no signals that the payments company could consider Bitcoin when the time comes.

Stripe: Move is as Expected

However, Stripe’s proposed re-adoption of virtual currencies this October isn’t so much of a surprise. CoinDesk reported John Collison, Stripe’s co-founder, for saying the company was “extraordinarily enthusiastic” about Bitcoin in June. He had then indicated that cryptos could help in making cross-border transactions more efficient and easier to handle.

Announcing the new development, Edwin Wee, Stripe’s user relations team member, said that the “future” they promised had come. Stripe’s optimism three years ago has metamorphosed through extreme enthusiasm to finally setting up a crypto team. The crypto team, Wee says, will include four “Web3” engineers and designers, calling for applications to the vacant positions.

Meanwhile, since Stripe left backing Bitcoin in 2018, several other payment startups have embraced cryptocurrency payments options. Significant platforms include PayPal, Shopify, and Google Play. PayPal now allows its customers to trade and hold digital assets on its payment platforms PayPal and Venmo.

It’s not clear what cryptocurrencies Stripe’s team will allow this time. Other than Bitcoin, the digital asset which Stripe has shown significant interest in is Stellar, which is seed-funded. While the company is self-aware of its influence in online payments, we expect it to choose its cryptocurrency partners conscientiously, this time.