In 2018, Stripe was out on Bitcoin. Citing the volatility and lack of infrastructure for convenient everyday use, Co-Founder John Collison at that time ended support for payments using the cryptocurrency.
As of the end of 2021, however, the financial landscape is very different. As might be expected of a forward-thinking payments giant, Stripe is starting to sing a very different tune on Bitcoin. Though Collison stopped short of announcing a definite plan to reopen to Bitcoin, he strongly indicated that plans are in the works. “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,” Collison said.
On its face, this comment is far from a promise that Bitcoin will be back for Stripe anytime soon. However, Collison’s words seem more than suggestive in light of Stripe’s recent appointment of crypto-focused investment firm Paradigm Co-Founder Matt Huang to its board of directors, especially coupled with the company’s recent formation of a dedicated crypto/Web3 team. Given Stripe’s recent $95 billion valuation and rapid expansion into new financial services, it should hardly come as a surprise if crypto is back in the company’s sights within the next few months.