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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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.