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Payments Processor Stripe Cutting Over 1,000 Jobs
The firm is cutting 14% of its staff, according to a memo.
Payment processing firm Stripe is cutting over 1,000 jobs, or 14% of its staff, according to a memo from company CEO Patrick Collison.
The startup has been leading crypto adoption among payments firm by allowing users to make payments in the USDC stablecoin and partnering with OpenNode for fiat-to-bitcoin payments.
STORY CONTINUES BELOW
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Collison blamed macroeconomic factors such as inflation, rising energy prices and higher interest rates for the layoffs, and said “to adapt ourselves appropriately for the world we’re headed into, we need to reduce our costs.”
Bloomberg was the first to report on the job cuts.
UPDATE (Nov. 3, 13:50 UTC): Updates story with confirmation from Stripe.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
