Stripe may not have ruled out the prospect of taking cryptocurrency payments in the future. Payment companies that had stopped accepting crypto payments in 2018 because of worries about volatility are open to reintroducing digital asset payments.
Stripe was one of the first large businesses to accept bitcoin payments in 2014. However, as time went on, the asset became increasingly valued as a store of value rather than a means of payment.
Stripe is not anti-crypto
Stripe co-founder John Collison discussed some of the company’s opinions on crypto payments at a discussion chaired by CNBC at the Fintech Abu Dhabi event.
One suggested that the payments behemoth was open to resuming cryptocurrency payments. When asked about the prospect, Collision said, “We don’t know yet, but I don’t believe it’s unreasonable that we would.”
Since Stripe ceased taking bitcoin payments in 2018, crypto has progressed significantly.
Although Bitcoin may not be the best payment option because of its high value and relatively hefty transaction fees, the rise of other digital currencies in the industry has opened up new avenues for crypto payments.
While not all features of crypto are relevant to Stripe and its services, Collison acknowledged that some aspects could be valuable to the payments behemoth.
“Numerous modifications have been made recently with the purpose of improving cryptocurrencies, particularly in terms of scalability and cost as a payment method,” he said.
As a result of these changes, crypto has emerged as a legitimate payment option. A substantial number of these technologies allow for modest and big transaction volumes due to lower fees and faster transaction times.
Looking ahead
Crypto payments are gaining popularity. AMC Theaters made waves when they started accepting cryptocurrencies like Dogecoin for tickets and concessions. Regal Cinemas revealed that it would also take cryptocurrency payments.
The Dallas Mavericks are also recognized for taking crypto payments for tickets and merchandise online, with Mark Cuban leading the charge.
Tesla had already started accepting Bitcoin payments earlier this year, but halted it two months later due to energy issues.
Like Stripe, Tesla hasn’t ruled out crypto payments. Elon Musk, chief executive of Tesla, stated that the company will resume taking Bitcoin if the crypto reaches 50% renewable mining power.
Image courtesy of Cointelegraph News/YouTube