Bitcoin crackdown: Stripe pulls support for cryptocurrency payments

BITCOIN has been dealt another blow amid fears of a crackdown as Stripe, a company that allows individuals and businesses to accept payments online, announced it will no longer be supporting bitcoin payments.

Stripe said longer transactions times, rising fees and huge price fluctuations have all damaged the appeal of bitcoin.

The company said bitcoin users now save the cryptocurrency as an “asset” to be traded rather than use it as a tool to make payments with.

And the company, which helps more than 100,000 businesses with online financial transactions, said few online merchants want to accept cryptocurrency as a payment.

Stripe’s current clients include Lyft, Deliveroo, Grab and Target.