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Stripe seeks re-entry into the crypto sector

Stripe seeks re-entry into the crypto sector

Last updated 13th Oct 2021

Stripe, a giant payments company based in the US, is hiring a team of designers and engineers who will help them integrate crypto into the platform. 

Stripe recently posted the job listing on its website. The aim is to build the future of payments in the company and expand economic access worldwide through cryptocurrency. 

The $100 billion company is not new to the crypto space. 

In 2014, it made headlines by being among the first traditional finance firms to support Bitcoin. However, Stripe ditched the service in 2018, citing rising fees and slow transaction times. 

Opportunities in the cryptocurrency market

The new hires will help to inform and support the company’s crypto strategy. It comes amid increasing crypto payment integrations and adoptions across the industry, including social media and online retailer platforms. 

Stripe is well known in the payments game. Globally, millions already use the platform, making it easy for companies like Instacart and Amazon to get paid. Stripe’s re-entry creates a gateway for mass cryptocurrency adoption as most users trust and rely on the company. 

Opportunities in the cryptocurrency market are evident, and Stripe seeks to be at the forefront of the innovation wave. The job listing acknowledges the growing need for better building blocks to:

  • Move funds
  • Accept payments
  • Make exchanges between crypto and fiat

The future designers and engineers will work on different aspects to support the strategy, including:

  • Mobile and web interfaces
  • Backend operations
  • Identity and payment systems 

Focus on these areas, and the identified needs and problems in the crypto sector will enable Stripe to build more trustworthy, faster, and higher quality experiences with cryptocurrencies. 

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Exciting developments in the crypto space

Stripe’s co-founder noted on Twitter that crypto and Stripe have come up at around the same time, and they’ve always kept an eye on cryptocurrency developments. Recent developments, which he described as exciting, have pushed the re-entry. 

Stablecoins, new chains, DeFi, and the scale-up of the Lightning Network make cryptocurrencies a suitable means of exchange. They’re now usable as a payment option without high fees or long confirmation times. 

Stripe aims to remain tech-neutral when it comes to crypto through a multi-coin approach as they avoid picking favorites. The company already supports various traditional payment options, and they process hundreds of billions of dollars in e-commerce every year. 

Only engineers based in the United States can apply for the positions. They must have backgrounds in crypto space development and over ten years of engineering experience. 

Walter Akolo

Walter Akolo

Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.