This time, Stripe’s Bitcoin transactions will be powered by an app created in partnership with OpenNode.
The crypto startup leverages the Lightning Network, a Bitcoin scaling solution that processes transactions off-chain, making operations on the premier blockchain faster and cheaper. In February, OpenNode secured a $20 million Series A funding round.
The speed and affordability offered by the Lightning Network were key to Stripe’s return to Bitcoin. Back in 2018, when Bitcoin services were first removed, the firm cited rising fees and lagging transaction times as evidence that Bitcoin had “become better-suited to being an asset than being a means of exchange.”
At the time, Stripe identified the Lighting Network as a promising technology that could one day improve Bitcoin’s status as a convenient digital currency for customers.
According to the firm, that day is here.
“The app gives businesses a simple and secure way to convert incoming payments to Bitcoin in real-time, automatically or on-demand,” said Josh Held, OpenNode’s head of strategy, in a statement. The app is expected to launch for Stripe users in a few weeks.