To simplify crypto adoption across Europe, crypto exchange Bitstamp has partnered with Stripe, a leading payments processor.
This collaboration aims to streamline the process of buying cryptocurrencies with fiat currency (traditional money like euro, yen, U.S. dollar) for European consumers.
We’re excited to partner with @Stripe to support their fiat-to-crypto onramp across the EU!
This provides users with a seamless checkout experience optimized for cryptocurrency conversion and allows near instant settlement of cryptocurrency transactions.
Bitstamp will handle… pic.twitter.com/sRUPguVuqb
— Bitstamp (@Bitstamp) August 7, 2024
Seamless onramp for businesses and consumers
According to the two companies press release from August 7 shared with CryptoNews, Bitstamp will manage the conversion process from fiat to crypto and handle the secure transfer of purchased digital assets to consumers.
The exchange will leverage Stripe’s onramp technology – a customizable widget that allows businesses to easily integrate crypto purchasing options into their websites or apps. With just a few lines of code, developers can offer users a smooth checkout experience optimized for converting euros or other fiat currencies to cryptocurrencies, including Bitcoin (BTC), Ether (ETH), USD Coin (USDC), Solana (SOL), Stellar (XLM). However, the widget won’t be available to U.K. customers, as stated in the press release.
Additionally, Stripe and Bitstamp will take care of the complexities behind the scenes, ensuring fast settlement of crypto transactions.
Simplifying crypto purchases
On July 16, Stripe announced its expansion of its fiat-to-crypto onramp to the European market, allowing local customers to buy crypto via credit or debit cards directly through Stripe.
For its expansion, Stripe developed several integration options for businesses. These include an embeddable widget that can be added to websites or apps with minimal technical effort. The company also handles customer verification, fee management and dispute resolution, aiming to simplify the process for businesses and improve the user experience.
This means that crypto wallets, NFT marketplaces and decentralized applications (DApps) can offer their European users the convenience of purchasing crypto directly within their platforms.
In June, Stripe also partnered with another crypto exchange, Coinbase, to integrate USDC on the Layer 2 network Base into its crypto payouts, enabling faster fiat-to-crypto conversions for U.S. customers.
We’re partnering with @stripe, who processed the equivalent of 1% global GDP last year, to bring the benefits of faster, cheaper crypto rails to millions of businesses around the world – including with Base and USDC. https://t.co/5Sq2eEr7Ep
— Brian Armstrong (@brian_armstrong) June 27, 2024
European crypto market on the rise
The partnership between Stripe and Bitstamp comes amid a surge in European crypto adoption. According to a July report from CoinWire, global cryptocurrency trading volume is estimated to exceed $108 trillion in 2024, nearly 90% higher than in 2022. Europe leads the way in crypto trading, accounting for 37.32% of global transaction value.
While the United States is finally allowing Bitcoin and Ether to be traded as exchange-traded funds (ETFs) on regular stock exchanges, the country is still behind Europe when it comes to overall crypto regulation. The EU is taking a different approach, adopting its Markets in Crypto-Assets regulation (MiCA) and trying to create clear rules for the crypto industry by working closely with experts in the field. This means that large global crypto companies will be able to do business smoothly – with no surprises from the authorities, allowing the EU to take a leadership position in the crypto space.
