Stripe is building a new payments crypto team three years after Bitcoin fell

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The US fintech giant Stripe is hiring a new blockchain team to enable its users to make crypto payments.

The $ 100 billion company is returning to the crypto sector three years after it withdrew from offering Bitcoin support due to its slow transaction times and rising fees.

According to a job posting page on Stripe’s website, the company is looking for four staff engineers with experience in the crypto sector. Guillaume Poncin, the head of technology specified on Twitter today that he’s looking for engineers and designers to “create the future of Web3 payments”.

The listing describes that the future engineers and designers have the task of working “from web / mobile UIs to backend, payment and identity systems”.

“We hear from developers and users in this space a growing need for better building blocks to accept payments, move funds, switch between fiat and crypto, etc. By focusing on these issues and needs, we want to be faster, more trustworthy and . build higher-quality, crypto-enabled experiences, ”the listing says.

Stripe co-founder John Collison ringed in Poncin’s post, saying that “Stripe and crypto have grown up at the same time,” and said the company had decided to take the plunge into cryptocurrency after seeing “exciting” developments in the area:

“We started writing code in the year after the fall of the bitcoin paper. We always kept an eye on things (e.g. Bitcoin support 2013-2015), but the developments in recent years (L2s, new chains, stablecoins, DeFi) are particularly exciting. “

The move to accept crypto payments comes after big competitors like Square, Paypal, Mastercard and Square all entered the crypto sector. Square launched BTC trading through its Cash app in 2018, PayPal launched crypto support for US customers in October 2020, while Mastercard announced in February this year that it would support multiple crypto assets on its network.

Stripe began adopting Bitcoin (BTC) back in 2014, but withdrew support four years later due to its slow transaction times and rising fees. In a blog post on Jan. 23, 2018, Stripe stated that it could return to the sector once crypto payments are “viable,” referring to the development of the Lightning Network and “high-potential” projects being carried out on the Ethereum blockchain emerge.

Earlier this year in June, Collison hinted the company was getting back into crypto when he told Bloomberg TV:

“When you think of the kind of world that the crypto people and we are trying to bring about, I think it’s a very related set of goals.”

“We’re stuck at this level where only a fifth of interactions are cross-border. Crypto is a very exciting direction to try to solve, ”he added.

Related: Meet the crypto payment gateway startup aspiring to become the Stripe of Africa

The digital payments company was founded in 2011 and has a current valuation of around $ 100 billion. In March 2021, Stripe raised $ 600 million in a funding round valued at $ 95 billion, more than doubling its previous value of $ 35 billion from 2019.