Coinbase partner Stripe has announced the expansion of its cryptocurrency integration into the European Union (EU). It will enable shoppers to purchase a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), using their credit or debit cards. Moreover, this strategic move aims to simplify the process of conducting transactions with virtual assets.
Stripe Expands Crypto Facilities Into EU
The latest move aligns with company’s broader goal of enhancing crypto accessibility for everyday transactions. The expansion is initially targeted at crypto marketplaces and vendors, providing them with the tools to facilitate cryptocurrency purchases seamlessly.
Recently, Stripe also introduced support for stablecoin payments like USD Coin (USDC). It allows transactions to settle and convert instantly to fiat currencies such as euros or dollars. This feature is particularly beneficial for online vendors who can now incorporate a crypto-purchasing widget on their websites.
Furthermore, it will manage the associated tasks, such as charges, disputes, and regulatory requirements, including Know Your Customer (KYC) protocols. “This expansion allows crypto companies to help European consumers buy cryptocurrencies quickly and easily,” said John Egan, Stripe’s head of crypto, according to Irish Independent.
Egan added, “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.”
Ireland, where the firm has a substantial presence, consistently ranks high in European surveys regarding per-capita cryptocurrency ownership. This local interest in cryptocurrencies aligns well with Stripe’s efforts to expand its crypto-related services within the European Union
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Stripe’s initiative to integrate cryptocurrency transactions in Europe is expected to benefit a wide range of merchants and consumers. By providing a user-friendly and secure way to purchase cryptocurrencies, the company is helping to bridge the gap between traditional financial systems and the emerging crypto economy.
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Company Financials & Coinbase Partnership
Stripe, founded by Limerick-born brothers Patrick and John Collison, has grown into one of the world’s largest online payment companies. Jointly headquartered in Dublin and San Francisco, the platform is used by thousands of major e-commerce firms. The company’s financial performance continues to soar, with its latest report indicating that it handled over $1 trillion in payments in 2023, a 25% increase from the previous year.
In addition to its financial growth, Stripe’s valuation has also seen a significant boost. Earlier this week, the company’s valuation climbed to $70 billion following an agreement with Sequoia Capital, one of Silicon Valley’s leading venture capital firms, to purchase up to $861 million in private shares from other investors.
Coinbase, a popular crypto exchange, recently partnered with Stripe. This strategic collaboration, announced on June 27, aims to integrate their financial infrastructures to facilitate faster, more cost-effective transactions and increase web3 adoption. One of the primary focuses of this partnership is the integration of USD Coin (USDC) on Base.
This integration enabled to conduct quicker and cheaper transactions across 150 countries. This development is poised to streamline global payment processes, making them more efficient. Additionally, Stripe will incorporate USDC on Base into its fiat-to-crypto onramp, allowing US customers to convert fiat currency to cryptocurrency more swiftly.
Moreover, Coinbase plans to integrate Stripe’s fiat-to-crypto capabilities into the Coinbase Wallet, enhancing the user experience by supporting Apple Pay and credit card payments. This integration is expected to make it easier for users to enter the crypto space and manage their digital assets seamlessly.
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