EU Stripe clients now have crypto purchasing power: Report

(Crypto News)-17/07/2024

The financial services provider Stripe has expanded its cryptocurrency integration into the European market, allowing local customers to buy crypto via credit or debit cards. 

According to a July 16, report from the Irish Independent, shoppers located within the EU can now buy Bitcoin and many other cryptocurrencies with their credit cards.

EU crypto purchases

Stripe said online vendors are able to add a “widget” for crypto-purchasing on their websites, which will handle matters that deal with charges, disputes and Know Your Customer (KYC) regulatory requirements related to online crypto transactions. 

John Egan, the head of crypto at Stripe, said the 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 report said the move is initially aimed at crypto marketplaces and vendors and follows Stripe’s recent announcement that it would start supporting stablecoin payments, in which transaction settlements are instantly converted to fiat currencies like dollars or euros.

On July 15, the Silicon Valley venture capital firm Sequoia Capital, agreed to scoop up $861 million in private shares from investors of Stripe, which subsequently boosted the company’s valuation to $70 billion. 

Cointelegraph reached out to Stripe for additional information on the EU expansion.

EU regulations at play

Stripe is headquartered in both San Francisco and Dublin, Ireland. Dublin, a member of the EU, has a high per-capita rate of cryptocurrency ownership in Europe.

Europe leads the market in global cryptocurrency transaction value, accounting for 37.32%. It has also proven to be one of the more proactive regions when it comes to creating and enforcing regulation on the crypto industry.

These regulations are designed to help lawmakers understand financial technology and provide traders and exchanges with clear guidelines for navigating the market.

The first set of regulations which were aimed at stablecoins, began to take effect starting from June 30, with the next set anticipated for December 2024.

Industry experts have predicted a learning curve for companies in the industry but overall view the regulations as much needed clarity for better operations for users, businesses and the law combined.