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Payment Company Stripe to Embrace Crypto Again 3 Years After Leaving Bitcoin

Payment Company Stripe to Embrace Crypto Again 3 Years After Leaving Bitcoin

Stripe is not new when it comes to crypto as it has already worked with Bitcoin payments, something that stopped in 2018. Now, the payment processor is looking forward to joining the crypto sector once again.

The firm simplifies the payment process for various companies including Amazon and Instacart

To get back to the industry that it had once embraced, Stripe is building a new team of 4 crypto engineers. They are looking for experts to build the foundation needed for crypto cases, consisting of work user interfaces with web and mobile, payments as well as identity systems, according to the job post.

The company posted an elaborate job posting, where it also states Stipe’s early history with crypto, emphasizing the year 2014 when it was among the first payment firms to adopt Bitcoin.

Although being the one to accept Bitcoin from the beginning, the payment firm dropped the service in 2018. Consequently, it missed the famous Bitcoin bounce from that year’s $500 to over $50,000 today.

Tom Karlo, a former representative of the Stripe team, explained the reasons behind dropping Bitcoin. He admitted Bitcoin‘s great value as an asset, however, it was exactly this that made it less convenient for payments. Increased transactions would lead to high transaction fees, almost as expensive as bank wires.

These transaction fee challenges have not been solved yet as they only got higher for $20 at points this spring. Nevertheless, more and more companies are interested in Bitcoin payment and many have jumped on board.

While Stripe kept their distance from crypto for 3 years, its competitors lost no time. Square, another payment firm, is looking forward to allowing other forms of payments, apart from just with cash.

This financial firm managed by Jack Dorsey has a trust with a value of millions in Bitcoins and gives people the chance to use its Cash App to buy cryptocurrencies.

Square is also building TBD, a Bitcoin section, and also a decentralized crypto exchange.

Stripe wants to keep up with the trend and this new crypto team will make it possible. The engineers will have to come up with a strategy specifically for crypto and think of plans on how to effectively make it work.

Developers and users in the crypto section are required to build blocks needed to accept payments, transfer them, exchange between crypto and fiat and so on, Stripe explains. The hired engineers are expected to work on different roles, whatever is needed to better incorporate cryptocurrencies.

The job post left out a detail, that of which types of crypto it will include. Thus, it is still not known whether Bitcoin will be part of it or not. 

Also Read: Visa’s New System to Allow Crypto Payments

 

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