Thanks to its collaboration with OpenNode, 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 part 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 OpenNode’s solution integration.
Thus, a merchant will choose whether or not to transform a percentage or all of their incoming feeds. This also applies to assets already in the account.
Once implemented, this application will work automatically and instantly through Bitcoin’s layer 2 solution: the Lightning Network. Josh Held, chief strategy officer at OpenNode, illustrates this point:
“Bitcoin is the world’s most widely adopted digital currency, and we’re excited to work with Stripe to [make it] available to the many businesses on the platform. The app provides […] a simple and secure way to convert incoming payments into Bitcoin in real time, automatically or on demand.”
A pioneer in cryptocurrency payments
Back in 2014, Stripe was ahead of all its competitors by allowing its users to accept Bitcoin. But the company had unfortunately gone backwards in 2018. Since then, it has opened up to cryptocurrencies again, first by hiring a team in the fall of 2021.
Last month, the company even unveiled a partnership with Twitter allowing for a new space for content creators. It’s a feature called Super Follow, which subscribers will pay for in USDC via the Polygon blockchain (MATIC).
For its part, the new feature brought to Stripe by OpenNode has a double added value. On the one hand, merchants already converting part of their cash into cryptocurrencies will save time, and on the other hand, it may motivate new ones to take the plunge thanks to easier access. This is therefore an additional democratization vector.
Concerning the Lightning Network, its use has been growing for several months, and more and more companies are integrating it into their services.