Blockchain

Stripe’s Bitcoin Integration to Go Out of Beta Phase in 2015

MEDICI

Stripe’s Bitcoin integration was currently in beta phase but it is all set to come out of that and go live in January 2015. The popular online payments solutions provider recently updated its advice on setting up its service to accept bitcoin. Stipe would be charging a fee of 0.5% per transaction when the virtual currency service goes live next month. The company had launched beta test of bitcoin support back in March.

On its official advice page, Stripe has cited clear instructions to set up bitcoin acceptance using its APIs. Developers have been instructed to either enable bitcoin in ‘livemode’ or in ‘testmode’ with Stripe sending three fake bitcoins to the test account as soon as it is setup. Here is what the consumer-facing interface would look like:

stripe_bitcoin

Stripe cited the following on its official user terms page:

“The Bitcoin API will allow you to convert Bitcoin payment into the designated fiat currency via Coinbase and have your funds transferred into your Bank Account. The Bitcoin API is a technology layer that connects you to Bitcoin exchange and financial services provided by Coinbase, Inc.”

Customers can pay in bitcoins but merchants will receive dollars, as a hedge against price volatility. Post beta phase, Stripe could become a major player in the bitcoin payment processing space. Braintree, a prominent Stripe competitor, launched its own bitcoin services provider in partnership with Coinbase in September.

Stripe is known for helping online merchants and websites process payments, but it is also focusing more on decentralized payment networks and cryptocurrencies. Earlier this year, Stipe had invested in Stellar, an open-source project that is a decentralized payment network incorporating a currency-exchange network, and it supports traditional currencies besides acting itself as a cryptocurrency.

Stripe has received $190 Mn in funding so far and supports payments in over 14 countries with prominent clients including TaskRabbit, Lyft, Shopify, etc. It was also amongst the official launch partners of Apple Pay.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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