Stripe to Offer Bitcoin Payments Through OpenNode Partnership

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In Brief
  • Stripe has announced that it will offer bitcoin payment option to its users.

  • The company has partnered with OpenNode to allow its users to instantly convert fiat payments to bitcoin.

  • The announcement comes with the launch of Stripe Apps and the Stripe App Marketplace as the company renews interest in crypto.

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Payments platform Stripe has announced that it will offer a bitcoin option to its users, a month after announcing crypto integration with Twitter.  

Stripe has partnered with payment processor OpenNode to allow its users to instantly convert fiat payments to bitcoin.

The announcement comes with the launch of Stripe Apps and the Stripe App Marketplace on Tuesday. Through its public beta, OpenNode app integration will allow Stripe merchants to gain BTC exposure by either automatically converting incoming payments into bitcoin in real-time, or make the conversion on demand.

OpenNode will also offer users the option to convert a fixed percentage of each incoming payment into bitcoin. “For each bitcoin request, OpenNode will initiate an [Automated Clearing House] ACH Direct Debit from the connected bank account,” the release said.

The integration promises low-cost instant settlements through the Lightning Network.

Stripe renews crypto interest

In early 2018, the company suspended bitcoin as a payment option citing volatility, limitations in scalability and limited interest, but resumed support in March.

Soon after, Stripe partnered with Twitter to enable compensation of creators on its Connect platform through Twitter Tips, Super Follows, and ticketed Spaces as part of crypto monetization options.

With the new launches, the company now allows businesses to send cryptocurrency payouts to sellers, freelancers, creators, and service providers globally.

It also announced that FTX and FTX.US has partnered with the platform for payments and identity verification. A deal with Blockchain.com was also struck this year.

The company’s renewed interest is due to skyrocketing customer interest in crypto payments and increasing competition in the sector.

Reports said that Stripe started building an integrated crypto team in 2021, and onboarded crypto VC Matt Huang in Nov to strengthen its position.

The company’s website states that millions of established businesses and startups use its payments infrastructure and APIs. Meanwhile, Stripe faces competition from rivals like PayPal and Block.

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Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.

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