The online payment processor Stripe has had changing relationship about linking its platform with cryptocurrencies. The company decided to stop accepting Bitcoin payments back at the beginning of the year. Despite that, Stripe’s co-founder is ‘excited’ about crypto payments.
John Collison Supports Crypto Payments
John Collison is the president and co-founder of Stripe. During Recode’s Code Commerce conference in New York, he said that they are excited about the long-term potential for cryptocurrency payments.
About it he mentioned:
“We’re very excited by [the] long-term potential for the payment use cases of crypto. […] Especially not in the United States or kind of near-term companies that have pretty well-functioning payment systems.”
Then he said that the company is thinking about emerging economies or countries with economic problems. In this list, we can include Venezuela, Zimbabwe, Argentina, and Turkey. All these countries had currencies that experienced hard devaluations and lack of trust.
He went on saying:
“But as you go to a lot of far-flung countries, if we want to offer easy APIs to pay out to long-tail countries, we think there could be a bunch of interesting ideas there.”
There is a clear example in Venezuela. The famous virtual currency Dash is being used in many retail stores. Using Venezuela’s fiat currency has become a very difficult task in the country. And indeed, the nation has the largest amount of shops accepting Dash in the world.
Collison explained that Stripe had some issues with Bitcoin due to its price volatility. At the end of 2017, Bitcoin reached $20,000 and some weeks later it was traded close to $6,500 dollars. That was damaging the industry and hurting merchants because Bitcoin price fluctuated very much during transactions.
He then said that the future of the crypto world is tied to how these virtual currencies can be used as a means of payment.
“The future of crypto – especially as it applies to the means of exchange – that future is undermined,” said Collison.
Stripe is showing that it supports virtual currencies amid a bear market. In the future, we could see new partnerships and announcements from the company related to BTC and other cryptos.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.