CEO Weekends: US Online Payments Firm Stripe’ Testing Bitcoin Support

US web and mobile payments startup Stripe is testing bitcoin support for its merchants and at the moment is testing the service with its client, Tarsnap, an online data backup service.

Stripe’s bitcoin service will let merchants accept bitcoin as a form of payment and the merchants can also purchase for their suppliers using bitcoin too, as long as they are on Stripe but the firm will pay them dollars plus a small payment fee.
Stripe wouldn’t be the first bitcoin merchant processor, US’s Coinbase and BitPay, are already doing so, though the services might not be as public as they need to be.

In a blog post, Colin Percival said, “Today I’m happy to announce that Tarsnap is satisfying another frequent request, again with help from Stripe: Tarsnap is the first user of Stripe’s support for Bitcoin payments.”

Perival said there is a significant commonality between Tarsnap and Bitcoin as both rely crucially on strong cryptography, and added that it many Bitcoin users rely on Tarsnap to back up their “wallets” so the move isn’t surprising as many Tarsnap users would like to pay with bitcoins.

Tarsnap users can now pay in Bitcoin and those who want to receive payments in Bitcoin will soon have the services. With its low transaction costs and irreversibility, Bitcoin is the cash of the internet therefore Stripe’s move will help merchants get paid in bitcoins easily.  Tarsnap is the first company to accept Bitcoin via Stripe, but the service will be rolled out to millions of other users in the coming weeks. Interested firms can also sign up to participate in Stripe bitcoin beta test on their website.