Stripe joins the crypto team as we saw the payment processor hire four engineers for its new crypto team shortly after Bitcoin begins to appreciate.

Payment processor Stripe has joined the crypto team by hiring four engineers for its crypto team, despite the fact that the company stopped paying the Bitcoin group in 2018. According to the job posting, engineers will design and build the core components the company needs to support crypto use cases. Job postings mentioned the company’s early crypto rollout in 2014 when it was the first major payments company to introduce BTC adoption.

We’re starting a new crypto group @Stripes. I’m hiring engineers and designers to shape the future of Web3 payments: https://t.co/A40QPCw3XG. pic.twitter.com/ygYTrA125T

– Guillaume Poncin (@gponcin) October 12, 2021

However, Stripe didn’t last long enough to jump BTC from $ 500 to $ 50,000 today when it decided to stop paying in BTC in 2018. Tom Karlo, former product manager of the Global Payments payment methods team, wrote that Bitcoin’s success as an asset class makes it less useful for payments, as longer transaction confirmation times and high fees are among the reasons they no longer use it for their business needs . While these issues have yet to be addressed, the average transaction fee has risen to over $ 20 as it did in 2018, but the desire for a bitcoin payment solution is growing and other companies are working on it.

Stripe targets online businesses, and competitor Square has gone beyond offering services to retail businesses that want their customers to be able to do more than just pay for cash.

Square founder Jack Dorsey, keeps millions of BTC in its coffers and has even stepped up the services so people can buy it through its cash app. It revealed building a BTC department called TBD and working on a decentralized cryptocurrency exchange. Stripe has hired experts who are working on the crypto strategy and would like to develop a short-term roadmap on how it can continue:

“We hear a growing demand from developers and users in this space for better building blocks for accepting payments, transferring funds, exchanging fiat and crypto, etc.”