This Is What Stripe Can Bring to the Crypto Table
US-Irish digital payments giant Stripe is looking to hire a team of engineers for its crypto operations, in what could be a strong move for the crypto sector.
There are several reasons why Stripe’s leap into crypto may prove beneficial for both it and the Cryptoverse. It could allow the company to leverage its rapidly rising transaction volume. An estimate obtained by Forbes indicates the company processed between USD 200bn and USD 250bn in transactions in 2019, and expanded by a robust 50% last year.
Additionally, last March, Stripe said it raised some USD 600m in funding at a USD 95bn valuation to boost its expansion in Europe, and support the increasing demand for the company’s services from major players.
Moreover, the company is reportedly considering going public next year.
Per Bloomberg, Stripe is one of the most anticipated listings in years and it would mark one of the biggest private companies to ever go public. Therefore, it could become another public giant that would offer investors indirect exposure to the crypto market.
At this stage, this 11-year-old giant also wants to enter the crypto industry, as they’re looking for a Staff Engineer for their “brand new [crypto] team.”
“As a Staff Engineer on the team, you will design and build the core components that we need to support crypto use cases, as well as take new experiences in development from 0 to 1. You will work across everything from web/mobile UIs [user interfaces] to backend, payments and identity systems,” the job offer says.
At least four employees to be supervised by Guillaume Poncin who previously led the company’s engineering for banking and financial products.
Stripe says that it is looking for experienced engineers in the crypto space, “who are invigorated by the opportunity to have a major impact on how users interact with crypto.”
John Collison, Co-founder of Stripe, commented that the company’s team started to write code the year after the Bitcoin (BTC) whitepaper was released, and while they “have always kept an eye on things,” the developments over the last few years, such as layer 2 rollups, new blockchains, stablecoins, and decentralized finance (DeFi), were “particularly exciting” – and pushed Stripe to boost its exposure to crypto.
The announcement was welcomed by Brian Armstrong, Co-founder and CEO of crypto exchange Coinbase, who tweeted it was “exciting to see” how “every major fintech company is now doing something with crypto.”
“And most major social companies (Twitter, Reddit, Facebook). Gaming is next,” Armstrong predicted.
This said, some Twitter users remained skeptical of Stripe’s plans for crypto.
“You ended support for Bitcoin as you saw it to be “less useful for payments” and more ‘of an asset than an exchange’. Picking this back up, how do you plan to build products centered around online monetary transactions without supporting the asset?” asked user ‘joshmay.eth’, making a reference to Stripe’s announcement from January 2018.
The full-time job offer does not specify the salary range of Stripe’s new employees, but it does state that candidates must have a strong technical background that includes at least 10 years of experience in designing and engineering large-scale systems. The available positions are based in Seattle, San Francisco, or New York, with remote work allowed only in North America.