- Stripe said it would allow customers to pay their service providers in cryptocurrencies.
- The company said that it would initially allow payments in USDC stablecoin.
- MATIC token returned over 4% gains in the last seven days.
The Polygon (MATIC) crypto gained traction on Friday after payment processing firm Stripe said it would use Polygon’s platform to enable customers to pay their service providers in cryptos.
Stripe customers would be able to pay the sellers, freelancers, content creators, etc., in cryptos.
The MATIC token surged over 1% after the news. The trading volume was also up by over 88%.
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Stripe's move towards cryptocurrency services comes after its rivals like Block Inc. and PayPal Holdings Inc. (PYPL) took a similar path.
The company said it would initially allow the payments only in USDC stablecoin, Polygon’s native stablecoin, and through wallets compatible with Polygon.
Stripe said Twitter would be the first company among its customers to try the new feature. Twitter content creators will receive the payments through the Stripe Connect platform. The payment processing company also said it would add more cryptocurrencies over time.
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Stripe and Polygon share a common vision for the environment. Polygon aims to eliminate its carbon footprints this year amid criticisms against crypto firms over their high energy use.
Polygon said on Twitter that it is going carbon negative in 2022. On the other hand, Stripe has set up a new fund this month to support CO2 emission removal technologies.
Polygon also plans to invest US$100 million in customizable "supernet" chains, which are dedicated, low-cost networks. It also aims to minimize the barrier to the entry of developers who had previously used Polygon Edge as part of efforts to speed up blockchain adoption.
Also Read: Why is TRON (TRX) crypto riding high?
Data source: CoinMarketCap.com
The MATIC token was priced at US$1.48 at 9:32 am ET on April 22, up 1.31%, while its volume for the trailing 24 hours skyrocketed 88.91% to US$1.18 billion. It has a market cap of US$11.56 billion, and its fully diluted market cap is over US$14.80 billion.
The token has a max and total supply of 10 billion, and its current circulating supply is 7.81 billion. It returned 4.2% gains in the last seven days.
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