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Wednesday, November 30, 2022

Stripe: merchants will be able to convert payments received into Bitcoin (BTC) thanks to OpenNode

Thanks to its collaboration with OpenNode, the online payment provider Stripe will soon allow its merchants to convert the payments they receive into Bitcoin (BTC). This functionality will be instantaneous thanks to the Lightning Network and can be performed on some or all of the flows, depending on the merchant’s strategy.

Stripe partners with OpenNode to bring Bitcoin to its merchants

In the coming weeks, Stripe users will be able to convert the payments they receive into Bitcoin (BTC), thanks to the integration of the OpenNode solution :

Thus, a trader will choose whether or not he wishes to transform a percentage or all of his incoming flows. This also applies to assets already in the account.

Once set up, this application will work automatically and instantly thanks to Bitcoin’s layer 2 solution: the Lightning Network . Josh Held, head of strategy at OpenNode, illustrates this point:

“Bitcoin is the most widely adopted digital currency in the world, and we are excited to be working with Stripe to [make it] available to the platform’s many businesses. The app provides […] a simple and secure way to convert incoming payments to Bitcoin in real time, automatically or on demand.”

A pioneer in cryptocurrency payments

Back in 2014, Stripe got ahead of all its competitors by allowing its users to accept Bitcoin . But the company had unfortunately backtracked in 2018. Since then, it has opened up to cryptocurrencies again, first by recruiting a team in the fall of 2021 .

Last month, the company even unveiled a partnership with Twitter allowing the establishment of a new space for content creators. This is a feature called Super Follow, which subscribers will pay in USDC through the Polygon (MATIC) blockchain .

For its part, the novelty brought to Stripe by OpenNode has a double added value . On the one hand, traders already converting part of their cash into cryptocurrencies will see a time saving , and on the other hand, it may motivate new ones to take the plunge thanks to easier access. This is therefore an additional vector of democratization .

Regarding the Lightning Network, its use has been growing for several months, and more and more companies are integrating it into their services.

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