In a move that could help boost the mainstream adoption of cryptocurrencies, payments processor Stripe has added support for cryptocurrency payments on its Stripe Connect platform. Twitter has signed on as its inaugural customer. The service, which is currently in beta, allows businesses to accept payments in Bitcoin, Ethereum, and other cryptocurrencies. Stripe said that it plans to add more currencies in the future.
Twitter will be using the service to accept donations in Bitcoin and Ethereum. The social media company has been a supporter of cryptocurrency and blockchain technology since early 2018.
“We are excited to be the first company to use Stripe’s new cryptocurrency service,” said Jack Dorsey. “Cryptocurrency is an important part of the future of the internet, and we are committed to supporting it.”
Stripe is one of the most popular payment processors in the world, and its adoption of cryptocurrency payments could help to legitimize the use of digital currencies for mainstream purposes. The company has been testing its crypto payment processing service since February of this year. Stripe has been working on its cryptocurrency service for over a year. The company is one of the leading payment processors in the world and has processed billions of dollars in transactions.
“We are thrilled to partner with Twitter to help them accept crypto payments,” said Patrick Collison, Stripe’s CEO. “This is just the beginning of our work in this space.”
Twitter is just the latest major company to embrace cryptocurrency. Square, the payments company founded by Dorsey, began allowing customers to buy and sell Bitcoin on its Cash App last year. And in February, PayPal announced that it would allow customers to use cryptocurrency on its platform.
The mainstream adoption of cryptocurrency is a major boost for the emerging asset class. Cryptocurrencies have been volatile in recent months, but the long-term outlook remains bullish. Accepting cryptocurrency payments is a risky proposition for businesses, as the volatile nature of the prices can lead to significant losses. However, Stripe has mitigated this risk by allowing businesses to immediately convert cryptocurrency payments into fiat currency.
There are currently a limited number of retailers who accept Bitcoin as payment, but that number is growing slowly but surely. With the backing of a major company like Stripe, it is likely that we will see even more businesses begin to accept Bitcoin and other digital currencies in the near future.
Twitter’s move is a major validation of cryptocurrency and could pave the way for more companies to begin accepting crypto payments. It is also a big win for Stripe, which is looking to become the go-to provider of crypto payment processing services.
This is a big move for both Stripe and Twitter, as it legitimizes cryptocurrencies as a form of payment. For Stripe, this could mean an influx of new customers looking to use its platform to buy and sell cryptocurrencies. For Twitter, this could mean more people using its service to transact in cryptocurrencies, aside from the usual social media transactions.