payment company Bandage announced the creation of a new crypto team to help build “the future of Web 3 payments,” according to public statements posted on Twitter on Tuesday. Stripe, which was one of the first to support bitcoin payments quitting The market is looking for the right time to return to a few years ago. But how those plans will work is still largely unknown.
Reached for comment, Stripe declined to share any additional insights or details about its strategy, pointing only to its new public statements and its first blog post.
In January 2018, Stripe was announced It was ending support for bitcoin payments in April, saying the cryptocurrency had become less useful for payments for a number of reasons.
The company then noted that transaction confirmation times had increased, leading to an increase in the failure rate, and a substantial increase in fees. However, Stripe then stated that it still remained “very optimistic” about cryptocurrencies as a whole, and the project in particular. Lightning and others that can enable faster payments. It also referred to other developments such as OmiseGO And added that several high-capacity projects based on Ethereum are also in the works.
Now, after years of sitting on the sidelines, Stripe is re-entering the crypto space.
according to a post Edwin V In Stripe’s User Relations Team, Stripe is looking for Web3 engineers and designers to build its new crypto team. While Stripe didn’t want to explain its vision, Wei’s post provides a bit more insight into how the company views the market today.
“Crypto has the potential for faster and less expensive payments, especially in under-served markets,” he wrote.
“In 2018, we said that Stripe would ‘explore opportunities to help our customers by adding support for crypto in the future. That time has come, ”V announced.
The team is led by Stripe’s Head of Engineering, Guillaume Ponsin, who also posted about job openings. There are currently four roles listed for crypto engineers in New York, San Francisco, Seattle, and remote positions, but Stripe isn’t saying how many total employees it wants to bring out of its pool of job applicants.
While there’s no harm in a $95 billion company once again dabbling in crypto, it’s unclear at this time how significant the announcement is in the context of Stripe’s broader corporate strategy.
That said, the market for crypto payments has heated up since Stripe’s exit in 2018. Other than this very Crypto payments startups are entering the space and growing Accept Payments giant PayPal, by big brands and retailers, has also taken major strides in the adoption of crypto in recent months.
In November 2020, PayPal announced that it is now possible for all US users to buy, hold and sell cryptocurrencies on its platform. It recently expanded this to international markets and its payments app Venmo. More importantly, it introduced a feature that allows US consumers to use their cryptocurrency at any PayPal merchant, greatly increasing the ability to use crypto for online payments.
Elsewhere, Cryptocurrency Exchange Binance Has partnership E-commerce giant Shopify on crypto payments, while making buying and spending crypto more accessible through integration with Coinbase paypalhandjob Apple Pay and Google Pay, as consumer acceptance increases.
At the same time, Stripe isn’t the only one thinking about the potential of cryptocurrencies in “underserved” markets. Square announced this summer It was allocating the remaining $25 million of its $100 million investment to support minority and underserved communities, of which a total of $5 million went to Square, Inc. Bitcoin was going to the endowment.
“From people with no credit history who can’t open bank accounts, to people living in places with limited access to banks, to historically discriminated populations, bitcoin is leveling the playing field and creating a more inclusive future.” could help,” Squire said. Maybe Stripe now agrees.