EU Stripe Clients Can Now Purchase Crypto

Key takeaways:

• Local consumers can now purchase crypto with credit or debit cards due to Stripe’s expansion of its crypto integration into the European market.
• According to Stripe’s chief crypto officer, John Egan, the expansion enables crypto businesses to assist European customers in “buying crypto quickly and easily.”

Local consumers can now purchase crypto with credit or debit cards due to the financial services provider Stripe’s expansion of its crypto integration into the European market. 

The Irish Independent reported on July 16 that consumers in the EU can now use their credit cards to purchase Bitcoin, Ether, and many other crypto.

According to Stripe, online retailers can include a “widget” for crypto purchases on their websites. This widget will manage issues pertaining to fees, disputes, and Know Your Customer (KYC) regulations for crypto transactions conducted online. 

According to Stripe’s chief crypto officer, John Egan, the expansion enables crypto businesses to assist European customers in “buying crypto 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.”

According to the source, Stripe recently announced that it will begin supporting stablecoin payments, which allow transaction settlements to be instantaneously converted to fiat currencies like dollars or euros. The move is reportedly initially directed towards crypto marketplaces and vendors.

On July 15, Stripe’s investors agreed to give the Silicon Valley venture capital firm Sequoia Capital $861 million in private shares, raising Stripe’s valuation to $70 billion. 

The corporate offices of Stripe are located in Dublin, Ireland, and San Francisco. The EU city of Dublin has one of the highest rates of crypto ownership per capita in all of Europe.

With 37.32% of all crypto transactions, Europe dominates the market. It has also shown to be among the more aggressive areas in terms of establishing and implementing laws pertaining to the crypto sector.

These rules aim to provide legislators with a better understanding of financial technology and to give traders and exchanges definite rules for operating in the market.

The first set of stablecoin-related regulations went into effect on June 30 and the second set is scheduled to go into force on December 2024.

Although industry experts have forecast a learning curve for participating organizations, they believe that the regulations provide much-needed clarity to improve operations for businesses, users, and the law as a whole.