Stripe follows up on supporting cryptocurrency payments in USDC after six-year hiatus

On Wednesday, global payments giant Stripe fulfilled its April promise to resume support for the cryptocurrency, six years after it first discontinued Bitcoin payments on its platform.

The San Francisco-based company introduction New payment options businesses can accept USD Coin (USDC) Jeff Weinstein, head of product at Stripe, made the announcement via Twitter (X) from customers in more than 150 countries.

“Crypto on Stripe is officially back!” that tweeted. “We’re rolling out this feature to hundreds of thousands of U.S. businesses today.”

Support for additional countries will be released in the near future. decryption I reached out to clarify that point.

Weinstein last April presentation Stripe will initially support payments using USDC on the Ethereum, Solana, and Polygon networks.

Stripe follows the lead of rival PayPal in offering cryptocurrency rails to support transactions after expanding its services in 2021. PayPal has started allowing customers to use its “cryptocurrency payment” feature to make purchases from millions of merchants around the world.

Following this approach, Stripe aims to simplify cryptocurrency transactions by automatically converting stablecoin payments to fiat and settling them through the merchant’s Stripe account.

The “Pay with Cryptocurrency” feature allows businesses to integrate stablecoin payments through Stripe Checkout, Elements, or the Payment Intents API.

Payment limits are set at $10,000 per transaction and $100,000 per month, and the company charges a 1.5% transaction fee depending on the product. page.

door reintroduction One of the cryptocurrency services occurs after the following decision: End of support Concerns about market volatility, slow transaction speeds, and high fees were cited for Bitcoin payments in 2018. The company first began supporting Bitcoin payments in 2014.

I got stripes tooIntegration with Avalanche It gives users access to niche cryptocurrency products and NFT platforms running on the network.

Edited by Sebastian Sinclair