Stripe, one of the world’s largest online payment companies, has expanded its cryptocurrency integration into the European Union (EU). This circulate lets customers shop for Bitcoin, Ether, Solana, and other cryptocurrencies with the use of their credit or debit cards. Founded by Limerick-born brothers Patrick and John Collison, Stripe aims to make virtual asset transactions simpler for regular use.
Earlier this week, Stripe’s valuation rose to $70 billion after Sequoia Capital, one of Silicon Valley’s biggest venture capital investors, agreed to buy up to $861 million in private shares from other investors, Axios reported.
Stripe Big-Time Support To Stablecoins
The extension would initially target cryptocurrency marketplaces and vendors. It follows Stripe’s recent support for stablecoin payments, which allow transactions to settle instantaneously and convert to non-crypto currencies such as euros or dollars. Stripe now handles charges, disputes, and regulatory responsibilities such as Know Your Customer (KYC) compliance, allowing online sellers to include a cryptocurrency shopping widget on their websites.
Ireland ranks high in European surveys on per-capita cryptocurrency ownership. “This expansion allows crypto companies to help European consumers buy cryptocurrencies quickly and easily,” said John Egan, head of crypto at Stripe. “Merchants relying on Stripe’s onramp for conversion optimization, identity verification, and fraud prevention can now reach a global audience. This lets them focus on growing their business and helping their customers.”
Stripe, headquartered in Dublin and San Francisco, serves thousands of main e-commerce firms. In 2023, Stripe dealt with over $1 trillion in payments, marking a 25% growth from the previous year.
Stripe And Crypto: The Story So Far
Stripe has a complicated history with cryptocurrency. As a fintech company, it has always sought to be at the forefront of conversations about how blockchain technology would impact financial services. Stripe continues to grow, reflecting its commitment to economic innovation.
Stripe’s latest financial update highlighted its growth and impact. The agency processed $1 trillion in transactions last year and is now worth $65 billion on paper, according to a TechCrunch post.