Blockchain

Stripe Gives Bitcoin its Blessings, that All its Merchants Can Accept

MEDICIFounder and Chief Strategy & Innovation Officer

Good news emerged in the Bitcoin space, when Stripe, a Silicon Valley e-payments service firm, officially launched its Bitcoin payments integration system after months of beta testing.

Stripe was valued at $3.57 billion in December 2014, and that number has doubled in less than a year. The company has received $190 million in funding so far; investors include Sequoia Capital, Peter Thiel, and Elon Musk.

stripe23

Source: Paul Graham tweet (co-founder of Y Combinator seed capital firm)

The chart shows Stripe’s remarkable growth in the past few years. Analysts estimate that the revenue of stripe in 2013 was around 40 million. It has recently added Apple, Alipay, Twitter and Facebook as its partners. Startups and developers love it and so do we (LTP uses Stripe for online payments acceptance).

Stripe initiated testing for its Bitcoin capabilities back in March 2014. During its beta program, Stripe conducted Bitcoin transactions in 60 different countries. The firm, led by the Collison brothers, has now completed its beta testing and will be allowing Bitcoin acceptance for merchants in its network that have USD bank accounts. Integration for merchants is made possible through either its API or as part of its Checkout feature.

Stripe plans to charge a 0.5% fee for each transaction.

Here’s a list of capabilities the payment company is rolling out:

  • Anyone can sign up to accept Bitcoin — there’s no waiting period (which is still the case with other products)
  • If you’re already a Stripe Checkout user, adding Bitcoin is just one line of code
  • Bitcoin transactions will appear side-by-side with fiat currencies in the Stripe dashboard, making management of the new currency simple

The news comes days after New York City councilman Mark Levine proposed the introduction of Bitcoin into the city’s payment options for fines. The recent happenings in this space are a big boost to firms who are planning to integrate Bitcoin. Analysts feel that crypto currency acceptance will rise in the days to come and become eventually commonplace in making a variety of payment types.

Previously in 2011, Stripe launched its developer-friendly online payments system that allowed site owners to avoid setting up merchant accounts and dealings with banks, while still ensuring transaction safety. The platform became an instant hit among developers.

On the back end, Stripe supports multiple programming languages; it can be deployed within minutes on the front end. The company’s API also makes it easy for a merchant to store cards, enable subscriptions, and direct payouts to a bank account on a large-scale.

Finally, Stripe provides developers the freedom to build their own payment forms and allows site owners to keep the checkout experience within the site. This is a big benefit for merchants as the user doesn’t need to visit an outside site to checkout, thus lowering the chances of transactions being dropped by customers. Control over the payment’s UI and experience is an advantage for any merchant.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”