4 ms·
Stripe has incredible distribution. For the many merchants already using Stripe, enabling cryptocurrency payments could, depending on its implementation, be as
by Arvand 5y ago
Stripe has incredible distribution. For the many merchants already using Stripe, enabling cryptocurrency payments could, depending on its implementation, be as easy as toggling a switch. That's a lot easier and less costly than integrating a new payment processor from scratch. For new merchants, adopting Stripe would mean being able to accept cryptocurrency payments AND benefitting from Stripe's existing product suite and experience. They've solved a lot of difficult problems really well.
Despite the head start other crypto payment processors may have had, imo none have yet been able to produce a developer experience (or even just documentation) anywhere near the quality of Stripe. Also, that "head start" might be a head start in accepting crypto specifically (though Stripe did do this at one point), but it's not a head start when it comes to accepting payments, more generally. I think the things that make Stripe the best payment processor will translate pretty smoothly into making them the best crypto payment processor, too.
I'm not certain that Stripe will become the number one cryptocurrency payment processor, but I think it's likely. I certainly wouldn't put it past them.
- ck_one 5y agoI am not sure if the relationship to merchants will be enough here. MoonPay has relationships to 250+ wallets - this is where lucrative on and off ramp is happening.
- NicoJuicy 5y agoUnder 5 million revenue / year for Moonpay. That's 20 k. / Wallet integration. Let's not get carried away here, that's peanuts. Even BitPay, that runs since 2011 only has 23 million revenue/year
- ck_one 5y agoI doubt that revenue per wallet is a uniform distribution. At the end there will only be a few wallets left. If you sign them now you will get all their business. Phantom has already announced to use MoonPay. OpenSea, the biggest NFT marketplace, also uses MoonPay.
- NicoJuicy 5y agoI'm not saying it's uniform, as always you only need a couple of integrations. And the ones you missed out, you're probably never going to receive a payment from them either way.
- ck_one 5y agoThinking about it again, I think MoonPays biggest asset is their stored KYC data. Customers don't want to go through KYC twice so if they have several options they will go with MoonPay again. I think KYC will play a big part in crypto soon.
- NicoJuicy 5y agoThat's just weird. There is no proven method to monetize solely transaction data. Moonpay doesn't know anything out of the ordinary about their customers. BitPay would have a better advantage then Moonpay ( 10 years of data and a higher volume) It's only good for detecting fraud, even if they would have lots of data ( which they don't seem to have)
- ck_one 5y agoI guess they will monetise their KYC data. Eventually you will need KYC data to accept a payment from a customer. The customer obviously doesn't want to enter it again and again. So some company will build a KYC layer - this might be MoonPay.
- NicoJuicy 5y agoYou are forgetting the entire premise of crypto. Anonymous payments with only a wallet id. I'd suppose many people don't want to share their info and the most bought item is gift cards.
- buchanaf 5y agoThis plus the fact that accepting crypto payments is relatively trivial compared to processing and handling the VAT and sales tax for a billion jurisdictions that also happen to change all the time.
- deleted 5y ago[deleted]
- ck_one 5y agoI think the key part will be KYC instead of VAT and sales tax. I am pretty sure there are already APIs to get VAT for every jurisdiction.