Payment Processor Stripe Ends Support For Bitcoin

Stripe payment processor to end bitcoin support, hints at adding support for stellar lumens (XLM) and other cryptos in the future.

stripe-cc-bitcoin stellar lumens xlm

Popular payment processor Stripe announced on Tuesday that it will end support for bitcoin as a payment method in April 2018.

Stripe product manager Tom Karlo wrote in a blog post that the Stripe company would move away from bitcoin over the next few months, with a plan to fully end support for the largest crypto on April 23, 2018.

While the move to add bitcoin support seemed like a good idea in 2015, lengthy transaction times, increasing transaction failure rate and costly bitcoin transaction fees have rendered bitcoin support on the Stripe platform ineffective.

Stripe hints at support for Stellar

Tom Karlo writes,

“Because of this, we’ve seen the desire from our customers to accept Bitcoin decrease. And of the businesses that are accepting Bitcoin on Stripe, we’ve seen their revenues from Bitcoin decline substantially. Empirically, there are fewer and fewer use cases for which accepting or paying with Bitcoin makes sense.”

.Even though Stripe will not accept bitcoin payments after April 23rd, the company remains “very optimistic about cryptocurrencies overall.”

Karlo even goes as far to say that he thinks Stripe will add support for other coins down the line, most notably stellar lumens (XLM), the currency of the Stellar network.

“We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow,”

Stellar Lumens (XLM) price pushes up 20% in one day

Ever since Karlo’s transparent announcement, stellar lumens (XLM) has seen a 20% bump in price  according to CoinMarketCap.

stellar lumens stripe chart

Stellar (XLM) currently has a $9.9 billion market cap, making it the seventh-largest cryptocurrency in the world, and just $25 million behind sixth-ranked litecoin (LTC).

Startup Radar Relay Adds Support For Ledger Hardware Wallet-to-Wallet Transfers

Rapper 50 Cent ‘Forgot About’ Bitcoin Stash Now Worth An Estimated $8.5 Million