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Stripe partnership with OpenNode on Accepts Bitcoin Payments of Lightning network

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Joyashree Dey Follow

INDIA

May, 27 2022

May, 27 2022

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On May 24, an online payment processing platform, Stripe in collaboration with OpenNode announced that it is set to give access to Bitcoin (BTC) payments after suspending support for four years.

The crypto start-up, OpenNode, has partnered with Stripe to permit its users to accept Bitcoin payments through a new application.

Stripe users will be able to convert incoming payments and any amount of balance they have into Bitcoin utilizing the application. Lightning Network, which plans to make Bitcoin exchanges quicker and less expensive, is utilized by OpenNode to settle payments.

In April Stripe reported the choice of utilizing a stablecoin payment strategy through its Stripe Connect service for creators on Twitter. The OpenNode application is one more advance forward for Stripe into the crypto space. Moreover, Stripe continued its drive into crypto after contenders, for example, Block, PayPal Holdings, and Checkout.com gained ground.

Since 2021, the organization has enlisted crypto ability as well as helped monetary trades FTX and Blockchain.com with verification of the users and online payments. With the OpenNode organization, Stripe shows a reestablished interest in Bitcoin, the world's biggest digital currency, after raising $20 million at a valuation of $220 million in February.

While in 2018 Stripe had been an early adopter of Bitcoin payments, the organization finished help for the cryptocurrency, referring to slow exchange times, rising charges, and disinterest from users as purposes behind the choice.


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Joyashree Dey

CBW - External Analyst

INDIA

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