Stripe says will probably be open to simply accept crypto for funds three years after the top of Bitcoin assist
John Collison, President and Co-Founder of Stripe, attends the 2018 Viva Tech Conference in Paris.
Christophe Morin | IP3 | Getty Images
According to co-founder John Collison, Stripe does not rule out accepting cryptocurrencies as a means of payment in the future.
The online payment company ended support for bitcoin payments in 2018, citing the digital coin notoriety for volatile price fluctuations and a lack of efficiency in conducting day-to-day transactions.
“Obviously, crypto means many different things to a lot of different people,” Collison said at a panel hosted by CNBC at the Fintech Abu Dhabi Festival on Tuesday.
Collison said there are some aspects of crypto – like its use as a speculative investment – that “aren’t that relevant to what we do at Stripe”.
But he added, “There have been a lot of developments lately to make cryptocurrencies better, and in particular scalable and acceptable cost, as a payment method.”
When asked if Stripe would again accept crypto as a means of payment, Collison said, “We’re not doing it yet, but I think it’s not implausible that we are.”
The company recently formed a team dedicated to research into crypto and “Web3”, a buzz word in technology that refers to a new, decentralized version of the Internet.
The effort is led by Guillaume Poncin, Stripe’s technical director. Earlier this month, the company appointed Matt Huang, co-founder of the crypto-oriented venture capital firm Paradigm, to its board of directors.
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Collison said there are a number of digital asset innovations that have potential, from Solana – a competitor to Ethereum, the world’s second largest digital currency – to “Layer 2” systems like Bitcoin’s Lightning Network, which aim to speed up transactions and process them more cost-effectively.
Stripe was founded in 2009 and has quickly grown to become the largest private fintech company in the United States. The company was last valued at 95 billion US dollars and has investors among others including Baillie Gifford, Sequoia Capital and Andreessen Horowitz.
The company, which handles payments for Google, Amazon, and Uber, has recently expanded into a number of other areas in the finance space, including lending and tax administration.