Payment service provider Stripe has expanded its crypto integration for users within the European Union (EU).
The expansion now allows users to buy cryptocurrencies like Solana, Bitcoin, and Ether using their debit and credit cards.
Stripe Expands Crypto Integration for EU Users
This expansion makes it easier for users in the EU to access digital assets and also strengthens the use of cryptocurrencies for everyday activities. Stripe also integrated a widget that vendors can add to their websites. It handles everything for crypto transactions, like charges, disputes, and verifying who you are (KYC).
This new widget makes it easy for people to buy and use cryptocurrency. John Egan, who leads Stripe’s crypto team, says the tool has many benefits. For example, it makes sure transactions are safe and verified. In addition, the tool helps businesses reach more customers and grow. These businesses can now focus on customer satisfaction.
Egan said in a statement: “Now, merchants who rely on Stripe’s onramp for things like conversion optimization, identity verification, and fraud prevention can reach a more global audience. This lets them focus on growing their business and helping their customers.”
The new development comes shortly after Stripe announced support for stablecoins, in which transaction settlements are instantly converted to fiat currencies like the euro and dollar. Stripe is one of the top global payment firms. The company, which is based in Dublin and San Francisco, is used by many major e-commerce companies. In 2023 alone, Stripe handled over $1 trillion in payments. This was 25% more than the year before.
Stripe’s value recently rose to $70 billion (€64.2 billion). This happened because a big investor, Sequoia Capital, agreed to buy up to $861 million (€790 million) in private shares from other investors.
Europe Continues to Embrace Crypto
Stripe is expanding into the European crypto market, where crypto activities are increasing. Europe is a leader in crypto, with 37.32% of the global market in crypto transaction value. Europe has clear rules for crypto called the Markets in Crypto-assets Regulations (MiCA).
These rules help traders and exchanges. The first set of rules started on June 30, focusing on stablecoins. Another set of rules is coming in December 2024. Interestingly, Circle, which issues the USDC stablecoin, has already been licensed under these new rules.
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