Stripe Payment Processor’s Patrick Collison is Pro-Blockchain but Says 95% Projects to Fail
The Co-founder of Stripe, Patrick Collison Has Gone Ahead to Support the Blockchain Technology
Patrick Collison who is the co-founder of Stripe has just gone ahead to talk to a podcast with MIT Sloan’s Andrew McAfee. He went ahead to say that he is very confident that around 95% of the blockchain applications that have been presented will fail. But with all this, he still called it an important industry that he would like to support, and from this, he went ahead to provide about $3 million in seed funding, this is back in 2014.
Who is Patrick Collison?
With the help of Atlas and Stripe, Patrick Collison focuses on helping the small businesses in the market to grow. With hard work he was a millionaire at a young age, and when he was 21 is when he co-founded the Stripe company. It was established as an online payment processing company that is currently worth $9 billion.
With this, it could place the company to be among the tech giants within the market, but Collison went ahead to say that he will go on supporting the small upcoming companies. In the conversation he had with the co-director of MIT Initiative on the Digital Economy, he also went ahead to discuss the future he sees for Stripe.
He continued to say that starting Stripe was more of an experiment to see the potential that the blockchain technology has to offer, plus the hindering role that the regulations set in the US.
Atlas and Stripe
Stripe was started more like a side project for the developers in the market who are able to make a website, establish a business on the internet and easily buy a domain name. And from this Collison’s went ahead to expand the company as he realized his businesses idea actually had broader applicability plus relevance.
As a result, they have ensured they have made the company available in more than 130 countries. They have been able to support various companies that are ranging from two-person software development shops to successful enterprises such as DocuSign and Salesforce.
Recently the company went ahead to launch Atlas that provides US bank accounts, U.S corporate entity, and U.S stripe account to the developers in the market around the globe. Thus, the company has been able to eliminate a big hurdle for the entrepreneurs as they are able to avoid the bureaucracy that is around staring a business, which the larger firms in the market have been able to navigate.
The Future of the Silicon Valley
In 2007 is when Collison moved to Silicon Valley after he had been able to secure some funding from the Y Combinator for his very first startup. One which merged with the British-based startup, and from this is where they renamed it to Automatic. With this move, it made Collison and his younger brother be millionaires at a very young age.
Even though he was able to find success while at Silicon Valley, he still says that he expects to see the technology innovation to be a little less concentrated in 20 years.
Blockchain Technology's Potential
The sophistication of engineers and developers has manifested an interest in the blockchain technology. Especially for the mature companies in the market that are in constant fear of being supplanted by the smaller and younger companies that have the needed expertise that are able to develop the disruptive applications in the blockchain.
Collison went ahead to say that there is also impressive experimentation in the market as there are fringes and margins that are taking place. And according to him some of it works, and if it did he considered it to be very cool.