Bitcoin Is Back on Stripe Thanks to Partnership With OpenNode
The new app will utilize the Lightning Network for fast and cost-effective conversions.
Online payment processing company Stripe announced Tuesday, May 24, that it will be offering Bitcoin (BTC) conversion solutions for businesses through a partnership with OpenNode. The service will utilize the Lightning Network and is just one application that is being released in their new suite of apps.
Convert incoming payments to #Bitcoin in real time, automatically or on demand with the new @OpenNode app featured in the upcoming @Stripe App Marketplace. Learn more here?? https://t.co/n8tS5JWvcS pic.twitter.com/xHlHHgbhXg
— OpenNode ⚡️ (@OpenNode) May 24, 2022
Stripe paused offering direct BTC services in 2018, claiming that the fees and speed were not adequate — with the Lightning Network both of these issues have been addressed, making it possible for transactions to be completed at a fast and cost-effective rate.
The processing company first announced its reintegration of BTC in other areas of services in March, this included integrations for exchanges, on-ramps, wallets, NFT marketplaces, and more. One of its first partners was Twitter with crypto monetization options like Twitter Tips, Super Follows, and ticketed Spaces. The USDC payout offering by Stripe was inspired by the fact that there are so many creators, freelancers, sellers, and solo entrepreneurs who are still struggling to find convenient payment solutions — especially outside of major markets.
While businesses will not be able to directly receive payment as BTC through the new app, it will instantly convert a desired percentage of fiat to crypto. The US-based platform OpenNode currently services 126 countries and since its inception in 2017, it has partnered with over 25,000 merchants to provide Bitcoin service solutions. Now with the Lightning Network integration, the service of conversion from fiat to BTC will be instant for the merchant and fee-less for the consumer.
In other Crypto news, Coinbase becomes the first cryptocurrency exchange to be featured in the Fortune 500.