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Stripe is reintroducing crypto banknotes by allowing transactions with USD Coin (USDC), six years after abandoning Bitcoin (BTC) and other virtual currencies.
“We’re excited to announce that we’ll be bringing back crypto as a way to accept payments, but this time with a much bigger experience,” the company’s co-founder and chairman, John Collison, said in a keynote speech on April 25. “Cryptocurrencies discover genuine utility. “
With reduced transaction times and reduced transaction fees, Collison says that “cryptocurrencies, nonetheless, make sense as a medium of exchange. “
Users will need to run invoices with USDC on Solana (SOL), Ethereum (ETH), or Polygon (MATIC).
– John Collison (@collision) April 25, 2024
The announcement had little effect on each blockchain’s local cryptocurrency prices.
MATIC alone managed to print a profit of more than 2% for the industry at $0. 7193 as of 4:00 a. m. EST, according to information from CoinMarketCap. La leading altcoin, ETH, posted a minor loss in the same period, while Solana fell more than 1%.
Stripe’s long history in the crypto sector began in 2014, when the payment processor began exploring integration with the Bitcoin ecosystem. He then ended his career as a crypto leader in 2018, arguing that BTC was too volatile.
Stripe also pointed out the emerging fees on the Bitcoin network and criticized its transaction times. This happened in the midst of the first “crypto winter,” when BTC’s value fell from a high of $19,650 in December 2017 to $3,401 at the end of 2018.
In an effort to re-enter the market, Stripe took a step forward the following year by becoming a co-founder of Facebook’s Libra project. Soon after, the fintech giant abandoned the project, which failed to gain acceptance.
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Steven is a passionate innovator in the fields of cryptocurrencies and blockchain technology. It ranked among the top five in the world in robotics and began its exploration of those emerging technologies in 2014. After briefly reading computer science at the University of Texas at Arlington, he went on to actively contribute to the cryptocurrency space.
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