Stripe To Start Taking Crypto Payments, Starting With USDC Stablecoin (techcrunch.com)
(Thursday April 25, 2024 @05:50PM (BeauHD)
from the years-in-the-making dept.)
- Reference: 0173641966
- News link: https://news.slashdot.org/story/24/04/25/2031208/stripe-to-start-taking-crypto-payments-starting-with-usdc-stablecoin
- Source link: https://techcrunch.com/2024/04/24/stripe-doubling-down-on-embedded-finance-de-couples-payments-from-the-rest-of-its-stack/
Fintech giant Stripe [1]announced on Thursday that it would [2]let customers accept cryptocurrency payments , starting with USDC stablecoins, initially only on Solana, Ethereum and Polygon. TechCrunch reports:
> This will be the first time that Stripe has taken crypto payments since 2018, when it dropped support for Bitcoin due to it being too unstable. Stripe in 2022 tried its first reentry into the crypto market when it announced payouts (but not payments) in USDC, with Twitter as its marquee customer for the service. Thursday's news has no customer names attached to it.
>
> On Wednesday the company unveiled a long list of other launches, the most significant update being that Stripe, for the very first time, would let customers integrate competing payment providers with Stripe's other financial services tooling. Thursday's nod to expanding crypto support is also part of that bigger strategy to open up its walled garden. A brief timeline of Stripe's dance with crypto underscores the tricky line that Stripe has walked over the years when it comes to cryptocurrency. True to its disruptive roots as a fintech, the company has wanted to be in the middle of the conversation around how blockchain-based technologies will affect financial services. But it runs the risk of subverting its bigger business and positioning as a stable and sensible financial powerhouse if it dabbles too deeply or for too long in periods of instability. The company processed $1 trillion in transactions last year, and it's still growing; it is currently worth $65 billion on paper.
[1] https://www.youtube.com/watch?v=GnSlQz-14JY
[2] https://techcrunch.com/2024/04/25/after-6-year-hiatus-stripe-to-start-taking-crypto-payments-starting-with-usdc-stablecoin/
> This will be the first time that Stripe has taken crypto payments since 2018, when it dropped support for Bitcoin due to it being too unstable. Stripe in 2022 tried its first reentry into the crypto market when it announced payouts (but not payments) in USDC, with Twitter as its marquee customer for the service. Thursday's news has no customer names attached to it.
>
> On Wednesday the company unveiled a long list of other launches, the most significant update being that Stripe, for the very first time, would let customers integrate competing payment providers with Stripe's other financial services tooling. Thursday's nod to expanding crypto support is also part of that bigger strategy to open up its walled garden. A brief timeline of Stripe's dance with crypto underscores the tricky line that Stripe has walked over the years when it comes to cryptocurrency. True to its disruptive roots as a fintech, the company has wanted to be in the middle of the conversation around how blockchain-based technologies will affect financial services. But it runs the risk of subverting its bigger business and positioning as a stable and sensible financial powerhouse if it dabbles too deeply or for too long in periods of instability. The company processed $1 trillion in transactions last year, and it's still growing; it is currently worth $65 billion on paper.
[1] https://www.youtube.com/watch?v=GnSlQz-14JY
[2] https://techcrunch.com/2024/04/25/after-6-year-hiatus-stripe-to-start-taking-crypto-payments-starting-with-usdc-stablecoin/
Ew. (Score:1)
USDC has missed it "peg" (e.g. it's dropped to a value of below a dollar) more than once, and there's a *lot* of evidence that it's been off it's peg for ages and that market manipulation is hiding it (google it).
It's primarily used to get real money (e.g. fiat currency) into and out of the crypto markets.
We learned from a recent story that minting $1m in crypto costs around $3.5m. We all know what's making crypto run these days is crime of one form or another. Money laundering mostly.
That's all
Not what was learned (Score:2)
> We learned from a recent story that minting $1m in crypto costs around $3.5m.
I think you're referring to [1]this story [slashdot.org]. From that we didn't "learn" that mining $1M costs $3.5M; we learned that someone stole compute resources from cloud providers to mine crypto. Those cloud providers valued their services at $3.5M.
> We all know what's making crypto run these days is crime of one form or another.
Some crimes are more worthwhile than others:
Paying for a Texan woman's [2]medical procedure [apnews.com]
Donating to [3]NGOs in Hungary [zois-berlin.de]
Avoiding capital controls while [4]fleeing Russia [yahoo.com]
[1] https://slashdot.org/story/24/04/16/0050253/alleged-cryptojacking-scheme-consumed-35-million-of-stolen-computing-to-make-just-1-million
[2] https://apnews.com/article/health-texas-us-supreme-court-laws-gun-politics-15b5ade8ad341cd7f9e61da10a994c43
[3] https://www.zois-berlin.de/en/publications/the-hungarian-government-takes-further-steps-against-ngos
[4] https://finance.yahoo.com/news/capital-control-measures-russia-highlight-095348919.html