Stripe Merchant (Stripe) plans to become one of the first major online payments platform to accept Bitcoins. The Californian based firm will support the crypto currency through a private beta program, its CEO Patrick Collison said in a media statement. The move comes as Bitcoins continue to gain popularity despite the regulatory hurdles they face.
Stripe offers individuals and corporates a number of payment solutions, specifically a mechanism to accept payments over the internet. Since inception, the firm has developed tools that encompass web and mobile solutions. The firm which was founded by the Collison brothers has a spree of famous investors including; Sequoia Capital, Andreessen Horowitz, and PayPal co-founders Peter Thiel, Max Levchin, and Elon Musk.
Stripe’s move to accept Bitcoin comes as no surprise, the firm has been evolving its product, and it recently reported that it was able to accept payments in 135 currencies. In addition, it intends to build support for payments made through the Automated Clearing House (ACH).
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Stripe’s objectives are to build the number of payments it can process. Its Co-founder Patrick Collison, explained to Re/code in a statement: “We acknowledge that bitcoin is important today … it may or may not be important in five years”.
Bitcoins have been on the receiving end of unwanted concerns raised by central banks and regulators. The crypto currency has seen sharp price moves after authorities issued warnings against the status of the instrument. Despite the difficulties, Bitcoin continue to be popular among private individuals and businesses. The universal nature of the currency allows local users to make payments without currency risk and baking hurdles.
Mr Collison added: “Universality is the big one for me,” he said. “Bitcoin is something that anyone can get a hold of.”
Volatility in the price of Bitcoins raced after China’s central bank was rumored to be initiating a new wave of restrictions against institutions and firms making payments in Bitcoins.