Stripe resumes BTC payments four years after suspending the service
Stripe partnered with OpenNode to offer users fast and cheap BTC payments.
Online payment processing company Stripe has re-introduced Bitcoin (BTC) payments through a partnership with crypto start-up OpenNode, which leverages the Lightning Network.
This partnership will allow Stripe’s customers to accept BTC payments through a new app. This app will let users convert incoming payments and any amount of their account balance into BTC.
Notably, this service will be part of Stripe’s public beta of a new app marketplace. These products are scheduled to hit the market in the next few weeks. Through the OpenNode partnership, Stripe’s clients will get access to fast and cheap BTC payments via the Lightning Network.
Stripe’s effort to make a comeback in the crypto industry comes after the company suspended BTC payments in 2018, citing slow transaction times, rising fees, and a lack of interest from customers. However, Stripe’s rivals, including Block, PayPal, and Checkout.com, embraced the nascent asset class, prompting the company to resume crypto payments.
Stripe’s renewed interest in BTC might help revive the cryptocurrency
Stripe’s re-introduction of BTC payments has the potential to help the flagship cryptocurrency rebound following the crash triggered by the collapse of TerraUST (UST) and Terra (LUNA). The company has more than two million users, which could expand BTC’s use and help push its price higher.
Thus far, this news does not seem to have had a significant impact on the price action of BTC. Nonetheless, BTC has reversed its downward trend. At the time of writing, BTC is up 1.80% in the day to change hands at $29,797.50.
Before resuming BTC payments, Stripe announced the launch of a new comprehensive solution to support the web3 ecosystem. The solution supports pay-ins, payouts, KYC, and identity verification, among other features.
Additionally, Stripe developed a crypto payout feature for Twitter creators. This option was only available to select Twitter creators via the Stripe app at launch. However, the company plans to roll out the service to a broader audience. The Twitter crypto payout feature only supports payments in the USD Coin (USDC) stablecoin.