Stripe Cuts Over 14% Of Staff

Stripe, a payment processing startup, is laying off nearly 1,000 employees, or 14% of its workforce, according to a statement from CEO Patrick Collison.

Collison blamed the layoffs on macroeconomic issues such as inflation, rising energy prices, and increased interest rates, saying that they need to decrease their expenses to adjust themselves adequately for the future they’re heading into.

Stripe is a payment processor for fast-growing Internet firms such as Shopify and Instacart, which benefited greatly from the pandemic-driven increase in e-commerce in 2020 and 2021.

By allowing customers to make payments in the USDC stablecoin and working with OpenNode for fiat-to-Bitcoin transfers, the company has led crypto acceptance among payment firms.

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