After a six-year hiatus, Stripe is officially back in the crypto game, and this time it's bigger and better! On Wednesday, the global payments giant fulfilled its April 2024 promise by reintroducing crypto support, enabling businesses across 150+ countries to accept payments in USD Coin ($USDC ). This marks a huge leap forward for the company, which had previously discontinued Bitcoin payments back in 2018 due to concerns over market volatility and slow transactions. But now, theyâre backâstronger than ever! đ„
đĄ Why This Matters
For businesses, this move opens the door to seamless, global crypto transactions with one of the most stable cryptocurrencies on the market. USDC, the second-largest stablecoin, offers security and stability, with its value pegged to the US dollar. This minimizes volatility, making it a game-changer for businesses eager to embrace the future of finance.
As Jeff Weinstein, Stripeâs product lead, shared on Twitter (X), âCrypto on Stripe is officially back!â He also revealed that the rollout has already begun for hundreds of thousands of U.S. businesses, with more countries expected to join soon. đ
đł How It Works
Stripe's new âPay with Cryptoâ feature allows businesses to accept USDC payments through Stripe Checkout, Elements, or the Payment Intents API. Once a customer makes a payment in USDC, Stripe takes care of the hard partâconverting it into fiat currency and depositing it directly into the merchant's Stripe account. Simple, fast, and efficient! đȘ
Supported Networks: Initially, USDC payments are available across Ethereum, Solana, and Polygon networks.
Fees: Stripe charges a 1.5% transaction fee for crypto payments, with limits set at $10,000 per transaction and $100,000 per month. This competitive fee structure ensures that businesses can integrate crypto without breaking the bank. đŠ
đ Following PayPalâs Lead
Stripe's move follows PayPal, which introduced its âCheckout with Cryptoâ feature in 2021. With Stripe joining the race, businesses now have more options than ever to offer crypto payments. This automatic conversion to fiat currency is perfect for companies looking to embrace crypto while avoiding the volatility risk. đŒđĄ
đ Expanding to Avalanche and NFTs
Stripe isnât stopping at USDC. The company has also integrated with the Avalanche blockchain, giving users access to more niche crypto products and NFT platforms that run on the network. Whether you're a business diving into decentralized finance (DeFi) or exploring NFT sales, Stripe is positioning itself as the go-to provider for your crypto needs. đšđ
đ Whatâs Next?
Stripe's return to crypto signals a major step in the broader adoption of blockchain technology in mainstream commerce. By offering simple, secure, and affordable crypto transactions, the company is paving the way for businesses around the world to enter the next era of digital payments. đđž
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