The cryptocurrency space is rapidly growing, and more fintech companies are now offering crypto trading services to their clients
Payment company Stripe is hiring a cryptocurrency team in a bid to start offering crypto trading services again. This latest development comes three years after the company ended support for Bitcoin across its platforms.
Stripe previously offered Bitcoin services on its platform. However, it ended the support three years ago, missing out on Bitcoin’s bounce as the leading cryptocurrency raced to an all-time high of nearly $65,000 earlier this year.
The fintech firm is now looking to re-enter the cryptocurrency space and offer services to its clients. Stripe’s new cryptocurrency team will be headed by Guillaume Poncin, the company’s former head of engineering for banking and financial products.
According to a LinkedIn post, the Stripe exec is looking to hire at least four people to join the new team and chart the company’s cryptocurrency strategy. Stripe said the engineers would be tasked with designing and developing the core components the company needs to support cryptocurrency use cases.
Stripe stated its desire to start providing excellent cryptocurrency trading services to its clients once again. The company is not new to the cryptocurrency space, having provided support for BTC a few years ago.
However, during the 2018 bear market, Stripe ended support for Bitcoin on its platform. At the time, Bitcoin was struggling to trade around the $10,000 region. The leading cryptocurrency has since experienced a more than 500% increase in price and reached a new all-time high above $64,000.
The past year has also seen numerous fintech firms enter the crypto space. PayPal and its subsidiary, Venmo, are now offering crypto trading services, allowing users to buy and sell BTC and a few other digital currencies.
Revolut, Public.com, MoneyLion and Robinhood are some of the other leading fintech companies that are also offering crypto-related services to their clients.