The news: Stripe hasn’t given up on cryptocurrency payments and is exploring how digital currencies will feature in its plans, according to Axios.
Catch up quick: Stripe has had mixed success with crypto.
Why it matters: The turmoil that has rocked crypto markets over the past year hasn’t put Stripe off.
Stripe has had a challenging few months: It laid off 14% of its staff in late 2022 and posted a “significant deceleration” in growth for the year. The fact that it’s still willing to invest in crypto speaks volumes to its confidence that the tech can yield benefits—and revenues.
What next? We expect crypto payments will grow 16% this year to reach a total value of $9.28 billion, per our forecasts.
But the market’s unpredictability will prevent many FIs from embracing them. Stripe and other firms that let demand dictate where to invest their money can gain an edge.
Deeper dive: Read our US Crypto Payments report to find out what’s driving and holding back the growth of crypto payments.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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