Stripe Reboots Crypto Payments: USDC Payments Now Live

Payment processing giant Stripe has revamped its cryptocurrency payments, starting with the stablecoin USDC.After a long hiatus, Stripe stretch Crypto support on Solana, Ethereum, and Polygon blockchains. The company discontinued support for Bitcoin payments in 2018 due to high volatility. Unlike before, the payments startup will now directly integrate cryptocurrency payments rather than offering them.

This is huge. Currently, more than a third of his payments worldwide are made through Stripe. Google, Amazon, Lyft, Apple, Walmart, and Target all use Stripe. And now, cryptocurrencies (specifically Ethereum, Solana, and Polygoin’s USDC) will become the native payment option in the flow of all these millions of businesses. The payments giant, along with PayPal, which controls the majority of global payments, has recognized that cryptocurrencies are a better financial infrastructure and is now fully committed to cryptocurrencies.

According to the announcement, transactions are settled instantly on-chain and are not automatically converted to fiat currency. The company’s decision to reintroduce cryptocurrencies after demonetizing them in 2018 has been praised by crypto advocates who believe it is a natural progression for all payment companies. The allure of cryptocurrencies will draw them back.

Stripe in 2023: $1 trillion in volume and massive website engagement

Today, Stripe boasts more than 2.84 million active websites using its services, and more than 100 companies have individually processed more than $1 billion through the platform. In 2023, the company’s total payment volume exceeded $1 trillion, an increase of 25% over the previous year.

stripe

In 2023, the company announced cryptocurrency payments with USDC via the Polygon network, allowing a select group of creators on Twitter to receive cryptocurrency payments via the Stripe Connect platform. With the addition of cryptocurrency payments, the social media platform has announced the option for creators to pay their earnings into a cryptocurrency wallet. Stripe announced at that time that it would manage all complexities and operations related to cryptocurrencies.

The move comes as the fintech giant begins hiring crypto talent in 2022 and has raised $600 million in a funding round at a valuation of $95 billion. It reflects. The company processed $640 billion in payments in 2021, an increase of 60% from the previous year.

Related Article

0 Comments

Leave a Comment