Payments Processor Stripe Cutting Over 1,000 Jobs

The firm is cutting 14% of its staff, according to a memo.

AccessTimeIconNov 3, 2022 at 1:34 p.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
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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.

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.


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Parikshit Mishra

Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

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