In addition to providing a payments platform for big clients like Lyft, Facebook, and Target, Stripe has been supportive of cryptocurrencies for several years. On Tuesday, Stripe reiterated its support for a viable digital currency, but said that bitcoin just isn’t cutting it.
Going forward, Stripe will no longer accept bitcoin as a payment method. In 2014, Stripe was the hot new startup claiming that it was going to make online payments simpler than PayPal.
It attracted VC funds from the most influential players in the tech world, including the founders of PayPal. The company’s CEO Patrick Collison told Recode that Stripe would become the first major payments platform to accept bitcoin, in part, because of its universality.
“Bitcoin is something that anyone can get ahold of,” he said at the time. He added, “It may or may not be important in five years.” In the meantime, Stripe has grown into a major force with a $9.2 billion valuation, and bitcoin seems more important than ever.
But according to Stripe, it’s just not important as a currency. In a blog post, the company wrote that slow transaction times and hefty fees mean that bitcoin isn’t very useful for its customers. Read more from gizmodo.com…
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