The payments company has revealed that customers will be able to change incoming payments or any balances into Bitcoin. This is coming four years after the service was suspended. Presently, Stripe’s bitcoin transaction will be controlled by an app made in partnership with OpenNode.
The crypto startup influences the Lightning Network, a Bitcoin scaling solution that undertakes transactions off-chain, which will make operations on the premier blockchain swift and less expensive. In February, OpenNode acquired a $20 million Series A funding round.
The pace and accessibility offered by the Lightning Network were important to Stripe’s return to Bitcoin. In 2018, when Bitcoin services were first omitted, the firm mentioned rising fees and slacking transaction times as proof that Bitcoin had “become better-suited to being an asset than being a means of exchange.”
At that period of time, Stripe described the Lightning Network as a promising tech that may one day enhance Bitcoin’s status as a suitable digital currency for customers.
The Firm reveals that the day is here “The app gives businesses a simple and secure way to convert incoming payments to Bitcoin in real-time, automatically or on-demand,” according to Josh Held, OpenNode’s head of strategy in a statement. The app is expected to be unveiled for Stripe users in a few coming weeks.
The development appears in the period that many consider to be the next Crypto Winter. Yesterday, Bitcoin has been in a downturn for eight successive weeks; it has lost over 55% of its value.
In spite of this, in the last few weeks, companies have queued up to combine crypto with their daily operations.