Stripe Creates New Crypto Payments Team Three Years After Ditching Bitcoin

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U.S. fintech giant Stripe is hiring a new blockchain team to enable crypto payments to its users.

The $ 100 billion company is returning to the crypto business three years after withdrawing from Bitcoin support due to slow transactions and rising fees.

According to a job posting page on the Stripes website, the company is looking for four staff engineers with experience in the crypto industry. Guillaume Poncin, the head of engineering, said on Twitter earlier today that he is looking for engineers and designers to build the future of Web3 payments.

The list indicates that future engineers and designers will be responsible for working on everything from web / mobile user interfaces to backend, payments and identity systems.

We hear of a growing need from developers and users of this space for better building blocks for accepting payments, moving funds, trading between fiat and crypto, etc. By focusing on these issues and needs, we aim to build faster, more trustworthy, and higher quality crypto-enabled experiences, the list reads.

Stripe announced a new Web3 payments team and Coinbase announced an NFT product this morning.

Probably nothing.

Chris Neumann (@ckneumann) October 12, 2021

Stripe co-founder John Collison intervened on Poncins’ post stating that Stripe and crypto have grown at the same time, and said the company decided to go into crypto after seeing some exciting developments in it. ‘space :

We started writing code the year after the Bitcoin paper came out. We’ve always kept an eye on things (e.g. 2013-2015 Bitcoin support) but the developments in recent years (L2, new chains, stablecoins, DeFi) are particularly exciting.

The decision to accept crypto payments comes after major competitors, including Square, Paypal, Mastercard, and Square, all entered the crypto industry. Square launched BTC trading through its Cash app in 2018, Paypal launched crypto support for US customers in October 2020, while Mastercard announced in February this year that it will support multiple crypto assets. on its network.

Stripe started accepting Bitcoin (BTC) in 2014, but withdrew its support four years later due to slow transactions and rising fees. In a January 23, 2018 blog post, Stripe said it could return to the industry once crypto payments become viable, highlighting the development of the Lightning Network and high potential projects emerging on the Ethereum blockchain.

Earlier this year in June, Collison hinted that the company was considering crypto again, telling Bloomberg TV that:

“If you think about the kind of world that crypto people and we are trying to create, I think it’s a very related set of goals.”

“We’re stuck at this level where only a fifth of interactions are cross-border, crypto is a very exciting direction to try to solve this problem,” he added.

Related: Meet The Crypto Payment Gateway Startup Striving To Become The Stripe of Africa

The digital payments company was founded in 2011 and has a current valuation of around $ 100 billion. In March 2021, Stripe raised $ 600 million in a fundraiser for a valuation of $ 95 billion, more than double its previous valuation of $ 35 billion from 2019. According to data from Built With, there are currently 784,256 active websites using the Stripes payment platform.

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