Stripe CEO Patrick Collison ‘very skeptical’ about cryptocurrencies

Cryptocurrency • November 11, 2019, 6:51AM EST
UPDATED: November 11, 2019, 5:10PM EST
Stripe

Patrick Collison, co-founder and CEO of payment processing firm Stripe, is not sure if cryptocurrencies have a future.

“I’m very skeptical of anyone who’s adamant that crypto’s gonna work,” Collison said at the WIRED25 conference in San Francisco on Friday.

Cryptocurrency is currently not part of Stripe’s business model, but Collison said companies should try new things, even if they have a good chance of failing.

Notably, Stripe was one of the founding members of the Facebook-led stablecoin project Libra, but it dropped out of the project last month. “Stripe is supportive of projects that aim to make online commerce more accessible for people around the world. Libra has this potential. We will follow its progress closely and remain open to working with the Libra Association at a later stage,” a Stripe spokesperson said at the time.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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