Stripe, Payments Processor Dabbling in Crypto, Cuts Over 1000 Jobs

Payment processing firm Stripe is cutting over 1000 jobs, or 14% of its staff, according to a memo from company CEO Patrick Collison.

The startup has been leading crypto adoption in traditional payments firm, by allowing users to make payments in USDC and partnering with OpenNode for fiat-to-bitcoin payments.

Bloomberg had earlier report on the job cuts.

"So, in addition to the headcount changes described above (which will return us to our February headcount of almost 7,000 people), we are firmly reining in all other sources of cost," Collison said in the memo.

UPDATE (Nov. 3, 13:50 UTC): Updates story with confirmation.