Stripe has announced that it is working on accepting Bitcoin payments—four years after the global payment processor suspended support for the cryptocurrency.
Stripe Resumes Bitcoin Acceptance
In January 2018, Stripe stopped accepting payments in bitcoin, citing the volatility of the crypto and its lack of efficiency which made it a poor choice for conducting everyday transactions.
The leading payment processor announced that it would be working with bitcoin payments infrastructure company OpenNode to allow businesses to convert fiat payments into bitcoin.
Businesses can access Bitcoin via the OpenNode app located in Stripe’s app marketplace. Through the app, Stripe users will be able to convert fiat payments into Bitcoin in real-time.
Automatic Fiat-Bitcoin Conversion
The app allows businesses to set an automatic amount of their payments to be converted into bitcoin. If they don’t want this feature, they can manually convert any amount of fiat into bitcoin they wish.
The application will also allow businesses to connect directly with their bank accounts, enabling accessible bitcoin conversions from fiat at any time.
On the Flipside
- Stripe also launched a marketplace which allows users to create custom user interfaces that will streamline workflows and enable data sync compatibility between Stripe and its participating partners.
Why You Should Care
The app gives provides the 3.1 million small and medium enterprises that use Stripe with access to Bitcoin, moving the leading asset ever closer to mainstream adoption.
To learn more about Stripe’s involvement with crypto, read:
Stripe to Allow Creators to Be Paid in Crypto on Twitter (NYSE:TWTR)
Other companies are also enabling crypto payments. Learn about how Apple’s getting involved here:
With a New Apple (NASDAQ:AAPL) iPhone Feature, Cryptocurrency Payments May Become Easy Peasy Crypto Squeezy