Financial service provider Stripe has expanded its cryptocurrency integration to the European market, allowing local customers to purchase crypto using credit or debit cards. According to a report by Irish Independent on July 16, customers in the EU can now buy Bitcoin, Ethereum, and many other cryptocurrencies with cards issued by Stripe.
Important Step by the Stripe Team
Stripe announced that online vendors could add a widget to their websites for crypto purchases, which can handle costs, disputes, and Know Your Customer (KYC) regulatory requirements related to online crypto transactions. Stripe’s head of crypto, John Egan, explained that the expansion ensures crypto companies help European consumers buy cryptocurrencies quickly and easily:
“Now, vendors relying on Stripe’s ramp for conversion optimization, authentication, and fraud prevention can reach a more global audience. This allows them to focus on growing their businesses and helping their customers.”
The report stated that the move initially targets crypto markets and vendors and follows Stripe’s recent announcement that it will start supporting stablecoin payments, where transaction payments are instantly converted into fiat currencies like dollars or euros. On July 15, venture capital firm Sequoia Capital agreed to purchase $861 million worth of private shares from Stripe investors, subsequently raising the company’s valuation to $70 billion.
Details on the Subject
Stripe’s headquarters are located in both San Francisco and Dublin, Ireland. Dublin, an EU member, has a high per capita rate of cryptocurrency ownership in Europe. Europe leads the global cryptocurrency transaction value market with 37.32%. It has also proven to be one of the most proactive regions in creating and implementing regulations related to the crypto industry.
These regulations are designed to help lawmakers understand financial technology and provide clear guidelines for investors and exchanges to navigate the market. The first set of regulations targeting stablecoins came into effect on June 30, with the next set expected in December 2024.
Industry experts foresee a learning curve for companies in the sector but generally view the regulations as a much-needed process to provide clarity for better operations combining users, businesses, and laws.
