Stripe Fits Crypto Libra Public Offering: Report

Online payment processor Stripe is reportedly considering a public offering and has set a 12-month deadline to explore the possibility.

Stripe has hired Goldman Sachs and JPMorgan Chase to advise on the feasibility and timing of a public market debut, according to a Jan. 26 report in The Wall Street Journal. A source familiar with the matter told the Journal that Stripe executives will either take the company public or allow employees to sell stock in a private transaction.

The magazine also reported that Stripe’s management is unlikely to pursue a traditional initial public offering because the company does not need to raise additional capital. Instead, the company is more likely to pursue a direct listing. In such a scenario, Stripe would list the existing shares on a public exchange and let the market decide the price.

Founded in 2009 by Irish entrepreneurs John and Patrick Collison, Stripe provides payment processing solutions for several major online companies, including Shopify and Instacart. The company raised $600 million in 2021 at a $95 billion valuation. Its investors included Ireland’s National Treasury Management Agency, Fidelity Investments and insurers Allianz and AXA.

Stripe has had a hot-and-cold relationship with the digital asset dating back to at least 2014. In 2015, the company announced it would accept Bitcoin (BTC), allowing users to send and receive BTC as they would fiat currencies. Stripe’s Bitcoin payment services would be halted in 2018 after three years, with the company’s founders arguing that BTC is better served as an asset rather than a medium of exchange.

Related: Listen-and-Earn enables bitcoin payments for podcasters and listeners

The company re-entered the crypto sector during the 2021 bull market with a renewed focus on blockchain payments. The following year, Stripe announced fiat payment support for cryptocurrencies and non-fungible tokens. Through new APIs, businesses can now use Stripe to accept fiat payments for crypto.

As reported by Cointelegraph, Stripe also launched a new payout program in 2021 that would allow select content creators to withdraw earnings denominated in USD Coin (USDC).