Stripe expands crypto integration to EU, simplifying purchases

The online payment giant, Stripe, has extended its crypto services to the European Union, allowing customers to buy popular digital assets like Bitcoin, Ether, and Solana using their credit or debit cards.

According to the reports, the expansion was officially announced by the company on July 16. It marks a significant step in its efforts to streamline crypto transactions. This decision aligns with Stripe’s recent push to facilitate ‘stablecoin’ payments, ensuring immediate settlement and automatic conversion to standard currencies.

Stripe’s head of crypto, John Egan, explained the benefits:

This expansion 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 recent implementation allows e-commerce vendors to include a crypto buying tool on their websites. Stripe takes care of multiple aspects of these transactions, managing charges, and disputes. Additionally, ensuring adherence to ‘Know Your Customer’ (KYC) regulations.

Potential impact on crypto adoption in Ireland

Ireland, the home country of Stripe’s co-founders, consistently shows up in European surveys for having a high per-capita crypto ownership. This development has the potential to significantly enhance the adoption of digital assets in the region.

Moreover, Stripe collaborated with Coinbase last month to integrate Base into its digital assets payout offerings. This joint effort aims to boost the adoption of on-chain transactions and enhance the efficiency of global financial infrastructure.

Coinbase 🤝 Stripe

Coinbase is partnering with @stripe to bring @base's faster, cheaper financial infrastructure to millions of businesses around the world.

Here’s what we’re doing ↓ pic.twitter.com/OwNOFqFbFB
— Coinbase 🛡️ (@coinbase) June 27, 2024

The collaboration will bring forth three significant enhancements: the inclusion of USDC on Base for Stripe’s cryptocurrency payouts and the gateway for fiat-to-crypto transactions, along with integrating Stripe’s fiat-to-crypto gateway into Coinbase Wallet.

These functionalities aim to expedite cross-border money transfers to more than 150 nations and streamline the process for US clients looking to switch between traditional and digital currencies.