Source: Stripe

Online payment processor Stripe announced on Twitter today, that it will no longer support Bitcoin (available on Coinbase) (BTC) payments on its platform, citing ‘fewer and fewer use cases for which accepting or paying with Bitcoin (available on Coinbase) makes sense’.

Stripe product manager Tom Karlo released a gentle-yet-cutting blog post this afternoon outlining the company’s decision to break up with the world’s largest cryptocurrency. ‘Over the past year or two,’ he explains, ‘Bitcoin (available on Coinbase) has evolved to become better-suited to being an asset than being a means of exchange.’ Not entirely useful for a payment application, therefore.

Karlo goes on to explain that ‘substantially’ higher transaction times and an increase in failure rates have led to a decrease in customer desire to use the coin on the Stripe platform. Ouch.