European Union(EU) Stripe clients now have crypto purchasing power
Stripe has expanded its cryptocurrency integration into the European market, enabling EU customers to buy cryptocurrencies with credit or debit cards.
Stripe, a financial services provider, has expanded its cryptocurrency integration into the European market, enabling local clients to purchase cryptocurrencies using credit or debit cards.
According to a July 16 story from the Irish Independent, buyers within the EU can now buy Bitcoin $65,462, Ether $3,490, and many other cryptocurrencies with their credit card.
EU crypto purchases
Stripe stated that online retailers can include a “widget” for crypto-purchasing on their websites, which will handle charges, disputes, and Know Your Customer (KYC) regulatory obligations relating to online cryptocurrency transactions.
Stripe’s director of crypto, John Egan, stated that the extension will enable crypto enterprises to assist European consumers in “buying cryptocurrencies quickly and easily.”
“Now, merchants who use Stripe’s onramp for conversion optimization, identity verification, and fraud prevention may access a larger worldwide audience. This allows them to focus on expanding their business and serving their clients.”
According to the source, the move is aimed mostly at crypto marketplaces and suppliers, and it follows Stripe’s recent statement that it will begin accepting stablecoin payments, in which transaction settlements are promptly converted to fiat currencies such as dollars or euros. On July 15, Silicon Valley venture capital firm Sequoia Capital agreed to acquire $861 million in private shares from Stripe investors, raising the company’s worth to $70 billion.
EU regulations at play
Stripe is headquartered in San Francisco and Dublin, Ireland. Dublin, an EU member, has one of Europe’s highest per-capita cryptocurrency ownership rates.
Europe leads the market in terms of cryptocurrency transaction value, accounting for 37.32%. It has also shown to be one of the most proactive regions in terms of developing and implementing cryptocurrency regulations. These regulations are intended to assist lawmakers in comprehending financial technology while also providing traders and exchanges with clear standards for navigating the market.
The first set of stablecoin-specific laws went into effect on June 30, with the next set expected in December 2024. Industry experts foresee a learning curve for corporations, but generally, the standards provide much-needed clarity for users, businesses, and the law.
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