Stripe Resumes Crypto Push Drawing Inspiration From Block, PayPal
Payments company Stripe Inc looks to give customers access to Bitcoin (CRYPTO: BTC)four years after suspending support for the cryptocurrency, Bloomberg reports.
Stripe collaborated with crypto startup OpenNode to help its customers to accept Bitcoin payments through a new app.
Stripe customers will be able to convert incoming payments and any amount of their balance into Bitcoin via the app.
Also Read: Wells Fargo Lists Its Picks In the Fintech Universe - See Which Stocks Made the Cut
OpenNode uses Lightning Network to make Bitcoin transactions faster and cheaper to settle payments.
The partnership with OpenNode, specializing in Bitcoin, raised $20 million at a $220 million valuation in February, reflecting Stripe’s renewed interest in Bitcoin.
Stripe revived its push into crypto after rivals like Block, Inc (NYSE: SQ), PayPal Holdings, Inc (NASDAQ: PYPL), and Checkout.com forayed the industry.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.