- Stripe has expanded its crypto integration to enable EU shoppers to purchase Bitcoin, Ether, Solana, and other cryptocurrencies with credit or debit cards
- This strategic move by Stripe aims to streamline routine transactions involving virtual assets, announced two years ago
- Stripe has launched a self-hosted fiat-to-crypto onramp and announced support for USDC payments in the US
Payment processor Stripe this week expanded its crypto integration, enabling shoppers across the European Union (EU) to purchase Bitcoin, Ether, Solana, and other cryptocurrencies using their credit or debit cards. This expansion is a strategic move by Stripe to streamline routine transactions involving virtual assets, a plan the company announced two years ago. In the years since, Stripe has launched a self-hosted fiat-to-crypto onramp as well as announcing support for USDC payments in the US.
Instant Fiat Conversion
The Irish Independent broke the news of the expansion, given that Ireland is home to the company’s two founders, Patrick and John Collison, reporting that the initial rollout will target crypto marketplaces and vendors. This follows Stripe’s recent introduction of support for stablecoin payments, which it launched in the US in April.
These transactions settle instantly and convert automatically to traditional fiat currencies such as euros or dollars, marking a significant step towards integrating cryptocurrency into everyday financial activities.
John Egan, Stripe’s head of crypto, emphasized the importance of this expansion:
This allows crypto companies to help European consumers buy cryptocurrencies quickly and easily. 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 integration involves a user-friendly crypto-purchasing widget for online vendors, handling critical issues such as charges, disputes, and regulatory responsibilities like Know Your Customer (KYC) requirements. This seamless approach aims to enhance the user experience and foster trust in crypto transactions.
2022 Expansion Plans Playing Out
Stripe, which maintains dual headquarters in Dublin and San Francisco, stands as one of the world’s leading online payment companies, supporting thousands of major e-commerce firms. In its latest financial update, Stripe reported processing over $1 trillion in payments in 2023, a 25% increase from the previous year.
Collison announced Stripe’s new crypto offerings in 2022, having abandoned Bitcoin payments in 2018, highlighting the ability for users to purchase over 135 cryptocurrencies with fiat currencies in more than 180 countries. The new platform also provided tools and APIs to facilitate the buying, storing, and selling of coins, trading NFTs, and managing compliance workflows, including KYC.
