Stripe, which is a third-party payment processor, previously enabled crypto-oriented payments for its customers and a diverse user base, but then it went ahead and cut ties with Bitcoin, so the whole idea went under the bridge. This is the thing with the crypto market; it offers extreme volatility and not so handsome returns if the conditions are not up to the mark. That is why many investors have these spur-of-the-moment decisions where they think that enabling crypto payments or adopting crypto would be good for their business, but when eventually things don’t check out, they sever that bridge altogether.
The co-founder of Stripe, John Collison, has said that the company is thinking about bringing the crypto payments back. All ties were cut with crypto back in 2018 when the company decided to end things with Bitcoin. The co-founder of Stripe, John Collison, says that crypto payments were never out of option, but due to some regulatory concerns, the company couldn’t go through with it, but now it is once again entertaining the possibility of bringing crypto payments and other digital assets back to the platform.
Stripe Disabled Crypto Payments in the Past
The very reason for Stripe to end things with Bitcoin in 2018 was hinted in the form of an excuse that the blockchain of flagship cryptocurrency can’t handle day-to-day transactions, and these continue to be pending, which is why Stripe thinks it would be better if it ended things with Bitcoin. But now it is once again entertaining the possibility of enabling it back; what has changed? Well, to name a few, Bitcoin has undergone a Taproot update recently, according to which the efficiency along with the operational aspects of bitcoin’s blockchain has been enhanced.
It can now handle transactions extremely well and in an efficient manner, hide the addresses of transactions taking place along with the non-fungible token and its signatures, thus making it secure and functional than ever. Another reason might be this huge surge in crypto adoption as many payment processors and financial companies are doing it, so maybe Stripe doesn’t want to be left out.