Frozen by the crypto winter of 2018, Stripe had interrupted all crypto payments for almost six years. Obviously, current trends in the crypto markets seem to have warmed up the fintech giant. The payment processor which recorded $1 trillion in transactions in 2023 has decided to backtrack. It will reactivate crypto payments this summer at the latest. Details in this article.
The giant Stripe returns to cryptos after the bitcoin halving
After six years of interruption, Stripe has just announced the upcoming reestablishment of its crypto payments service. Last year, it launched a fiat-crypto gateway which is revolutionizing access to cryptocurrencies. This year, the company valued by Bloomberg at $65 billion will start with payments in USDC and the Solana, Ethereum and Polygon blockchains.
The announcement was made this Thursday, April 25 by John Collison, co-founder and president of Stripe. It was during a keynote speech at the Global Internet Economy conference. It was in 2014 that Stripe began its journey with bitcoin and other cryptocurrencies. In 2018, four years later, Stripe was confronted with the high volatility of bitcoin. It was the first crypto winter, a season that did not spare the parent cryptocurrency.
Ruthless and persistent, the period had seen bitcoin fall from a high of $19,650 to a low of $3,401 from December 2017 to the end of 2018. Bitcoin behaved more like a volatile asset than a means of payment. The online payment giant had to interrupt crypto payments.
Would the return of Stripe after 6 years of silence be a bullish sign?
From the crypto winter of 2018 to the bitcoin halving of 2024, water has flowed under the bridge. The days of a $3,401 bitcoin now seem to be gone forever. Besides, if the predictions are correct, this may be the last time we see a 5-digit bitcoin. Optimism or simple logic? The weeks will tell us.
Regardless, the online payment giant with $1,000 billion in transactions in 2023 seems to have regained its confidence in bitcoin. The CEO said that “with transaction speeds increasing and costs falling, cryptos are finally coming into their own as a medium of exchange.”
The payment processor is thus resuming its great adventure with cryptos this summer, a decision with a very, very bullish aftertaste.
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