Stripe Users Can Now Buy Crypto via Credit or Debit Cards
Stripe has increased its crypto services features as part of its integration policy. In this manner, the customers of the platform based in Europe will be able to access cryptocurrencies using credit or debit cards.
Stripe’s Crypto Integration for European Customers
It is important to mention that Stripe is a financial services provider that has expanded crypto integration for European consumers. With the addition of new features, users will be able to purchase cryptocurrencies via credit or debit cards.
As of 16th July 2024, the Irish Independent shoppers operating in the EU noted that it was possible to purchase Bitcoin, Ethereum, and other cryptocurrencies using the Stripe credit card.
Stripe noted that online merchants can add a widget to purchase items using digital assets. This new feature will allow vendors to settle payment disputes, Know Your Customer (KYC) regulations, and process transactions for online consumers.
John Egan, the head of the crypto department at Stripe, noted that the expansion will permit crypto firms to assist EU investors to make purchases using cryptocurrencies in a quick and easy manner.
At the same time, vendors using the Stripe platform for sales conversion, ID verification, and fraud prevention may be able to deal with an international audience. Since digital currencies are borderless; therefore, it will allow investors to grow their businesses and assist customers make international purchases.
Stipe’s Crypto Adoption
Stripe management has retained that their decision to expand upon their crypto services is part of the plan to support stablecoins on the platform. This new expansion which enables stablecoin payment features for vendors and instantly converts them into USD or euros.
As of 15th July, Silicon Valley venture capital firm Sequoia Capital purchased $861 million in the form of private shares from Stripe investors. Following this investment, the valuation of the platform reached $70 billion.
Stripe is based in Dublin and San Francisco. Dublin, Ireland is EU member region and maintains a high per-capita rate of crypto investments within European states.
Europe has also climbed the ladder of becoming the top contributor of crypto transactions accounting for 37% of the global ratio. Additionally, the region has remained one of the most active regions in terms of making and enforcing crypto regulations.
Some of these regulations are generated to assist legislators to decipher the fintech aspect of blockchain. At the same time, it will pave the way for investors and exchange platforms to issue clear policies for surfing through the marketplace.
Europe has also introduced the first regulatory framework namely MiCA that is directed towards stablecoins. It is set to take effect starting from 30th June 2024 and go into full effect by December 2024.
EU’s Crypto Classification Tool
The regulatory agencies in the EU have recently issued a standardized crypto asset classification scale that will assist local firms to comply with MiCA regulations. This feature will assist firms in the local industry to adopt a standardized approach across markets as regulations continue to play an important role in shaping the European digital asset industry.
As of 12th July 2024, the regulators the European Supervisory Authorities, the European Banking Authority, the European Insurance, Occupational Pension Authority, and the European Securities and Markets Authority published a paper focused on the standardization of classification of digital currencies in all EU nations.
These guidelines are going to adopt a structured stance to classify digital assets. This tool will assist investors in determining whether a specified token falls under MiCA regulations or not. The criterion is based on various factors such as the credibility of the stablecoin issuers, the association with an independent blockchain network, and the type of financial instrument.
At the same time, stakeholders will be able to discern if a given digital asset is MiCA-approved or hails from a different category such as the electronic money token (EMT) or asset-referenced token (ART).
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