Stripe says it's open to accepting crypto for payments, three years after ending bitcoin support

4 days ago

John Collison, President and co-founder of Stripe, attends the 2018 Viva Tech league successful Paris.

Christophe Morin | IP3 | Getty Images

Stripe isn't ruling retired accepting cryptocurrency arsenic a method of outgo successful the future, according to co-founder John Collison.

The online payments institution ended enactment for bitcoin payments successful 2018, citing the integer coin's notoriety for volatile terms swings and a deficiency of ratio successful making mundane transactions.

"Crypto evidently means a batch of antithetic things to a batch of antithetic people," Collison said astatine a CNBC-moderated sheet astatine the Fintech Abu Dhabi festival connected Tuesday.

Collison said determination were immoderate aspects to crypto — specified arsenic its usage arsenic a speculative concern — that are "not that applicable to what we bash astatine Stripe."

But, helium added: "There person been a batch of developments of precocious with an oculus to making cryptocurrencies amended and, successful particular, scalable and acceptable outgo arsenic a outgo method."

Asked whether Stripe would commencement accepting crypto arsenic a method of outgo again, Collison said: "We don't yet, but I deliberation it's not implausible that we would."

The institution precocious formed a squad dedicated to exploring crypto and "Web3," a buzzword successful tech that refers to a new, decentralized mentation of the internet.

The effort is being led by Guillaume Poncin, Stripe's caput of engineering. Earlier this month, the institution appointed Matt Huang, co-founder of crypto-focused task superior steadfast Paradigm, to its committee of directors.

Read much astir cryptocurrencies from CNBC Pro

Collison said determination are a fig of innovations emerging successful integer assets that person potential, including solana — a competitor to ethereum, the world's second-biggest integer currency — to "Layer 2" systems similar bitcoin's Lightning Network, which purpose to velocity up transactions and process them astatine a little cost.

Founded successful 2009, Stripe has rapidly go the largest privately-held fintech institution successful the U.S. The institution was past valued astatine $95 cardinal and counts the likes of Baillie Gifford, Sequoia Capital and Andreessen Horowitz arsenic investors.

The company, which processes payments for the likes of Google, Amazon and Uber, has expanded into a fig of different areas successful concern lately, including loans and taxation management.