Latest news with #Collison
Yahoo
30-05-2025
- Business
- Yahoo
Stripe Explores Bank Partnerships on Stablecoins as Payments Importance Grows, Says Company President
Payments firm Stripe held early discussions with banks about integrating stablecoins into their core service as digital tokens are gaining traction for global payments, co-founder and president John Collison said in an interview with Bloomberg. "Banks are very interested in how they should be integrated with stablecoins into their product offerings as well," said Collison. "This is not something that banks are just kind of brushing away or treating as a fad." His comments underscore the rising interest among traditional financial firms to explore stablecoins, one of the fastest-growing use cases of crypto. Stablecoins, which have become a $240 billion asset class, are blockchain-based tokens anchored to government-issued currencies, predominantly to the U.S. dollar. They offer cheaper, faster alternative with around-the clock settlements compared to traditional payments channels. PayPal (PYPL) launched its own U.S. dollar-backed stablecoin PYUSD, while French bank Societe Generale issued a euro-backed token EURCV. Visa developed a tokenization platform to help banks issue stablecoins. Stripe is also betting on the growing role of stablecoins in international payments. The firm made headlines earlier this year by acquiring stablecoin tech startup Bridge for $1.1 billion. Since then, Bridge rolled out its own stablecoin USDB while Stripe introduced stablecoin accounts in over 100 countries. "A lot of our future payment volume is going to be in stablecoins," Collison said in the interview. He pointed to costly FX fees and multi-day processing times as pain points that stablecoins could while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Time Magazine
20-05-2025
- Business
- Time Magazine
Patrick Collison
'May the wind be always at your back' is the Irish blessing for a swift journey. It evidently worked for Patrick Collison, whose rise from schoolboy coder in rural Ireland to Silicon Valley tech founder and billionaire philanthropist has been rapid. Collison, now 36, launched his first startup in 2007 at 18, and by 21 had co-founded the business-payments platform Stripe, recently valued at around $91.5 billion. Speed is also the byword for Collison's approach to philanthropy, which is focused on accelerating scientific progress. In 2020 he co-launched Fast Grants, a rapid-funding system for scientists researching solutions to the COVID-19 pandemic. The following year he co-founded the nonprofit Arc Institute, launched with an initial endowment of $650 million from Collison and other donors including Ethereum co-founder Vitalik Buterin and Good Ventures co-founders Dustin Moskovitz and Cari Tuna. Arc, collaborating with top universities such as Stanford and the University of California at Berkeley, aims to empower and expedite the work of scientists researching complex diseases by providing them with no-strings-attached, multi-year funding, freeing them from the grind and uncertainty of applying for external grants. In January, Arc announced a partnership with Nvidia to fast-track scientific research by developing and publicly sharing powerful computational models and tools that advance biomedical discovery—including its recently launched open-source model, EVO 2, which combines AI and biology to help researchers uncover potentially life-saving targeted therapies. The goal: 'to accelerate scientific progress, understand the root causes of disease, and narrow the gap between discoveries and impact on patients.'
Axios
11-04-2025
- Business
- Axios
Exclusive: Meta adds Dina Powell McCormick, Patrick Collison to board
Dina Powell McCormick, a prominent banking executive and former Republican official, and Stripe CEO Patrick Collison are joining Meta's board, Axios has learned. Why it matters: It's part of a broader effort by Meta to expand its board to include more global business experts. The appointments also come as the company looks to curry favor with the Trump administration. Powell McCormick previously served as deputy national security adviser to President Donald Trump in his first term and served as assistant secretary of state for State Secretary Condoleezza Rice under President George W. Bush. State of play: Powell McCormick is joining Meta for the first time. Collison was formerly part of Meta's Advisory Group. Both appointments take effect April 15. Current Meta board members include a slew of global business and tech experts, such as Silicon Valley investor Marc Andreessen, DoorDash co-founder and CEO Tony Xu, and Broadcom CEO Hock Tan. Between the lines: Both Powell McCormick and Collison have experience working with small and medium-sized businesses globally, a group that Meta relies on heavily for ad revenue. Powell McCormick spent 16 years in senior leadership roles at Goldman Sachs and led the company's 10,000 Small Businesses initiative. She is currently vice chair, president and head of global client services at BDT & MSD Partners, a powerful merchant bank based in Chicago. She is married to U.S. Sen. David McCormick (R-Pa.). Collison is the co-founder and CEO of Stripe, a lucrative fintech company that provides businesses payment processing and business management tools. He is also a co-founder of the Arc Institute, a biomedical research organization. What they're saying:"Patrick is deeply committed to expanding economic opportunity, and Dina has a long career advocating for economic development and supporting entrepreneurs. Their perspective will be extremely valuable to businesses that rely on our services to grow," Meta founder and CEO Mark Zuckerberg said in a statement. "Between WhatsApp, Instagram and Facebook, Meta is one of the internet's most important platforms for businesses. I look forward to helping them navigate the abundant opportunities of the coming years," Collison said. "I'm excited to bring my experience in finance, government and economic development to support the people and entrepreneurs who use Meta's services," Powell McCormick said. The big picture: Meta has pushed to make further inroads with Republicans ahead of a landmark antitrust trial beginning Monday.
