Stripe might be considering a return to blockchain and cryptocurrency functionality since 2018 when it suspended related services. Speaking at the Fintech Abu Dhabi festival at a panel moderated by CNBC, Stripe’s cofounder John Collison said that although the company isn’t sure, it has noticed that the crypto sector has improved considerably.
“There have been a lot of developments of late with an eye to making cryptocurrencies better and, in particular, scalable and acceptable cost as a payment method. We don’t yet, but I think its not implausible that we would.”
In 2014, the financial technology firm began its sojourn into the world of cryptocurrency with Bitcoin. However, the company suspended crypto operations stating a few reasons, including slow transaction speed and price instability. At the time, it also said that not a lot of use cases for paying or receiving Bitcoin make sense.
At the moment, there is no certainty as to when Bitcoin would return to Stripe or when the company would make a decision about the development. However, the growing sector and the increasing interest in cryptocurrencies – even by traditional outfits – might spur Stripe into action. Examples include Visa, Microsoft, and Paypal. Stripe’s news also comes on the heels of El Salvador accepting Bitcoin as legal tender.
Image Credits: Pixabay
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