The partnership between Stripe and Bitstamp will initially support Bitcoin, Ethereum, Solana, XLM, and USDC.
Stripe, a financial infrastructure platform focused on democratizing the crypto industry, has announced a strategic partnership with Bitstamp crypto exchange to further strengthen their presence in Europe. According to the announcement, the two firms will closely work together to create seamless channels for fiat-to-crypto on-ramp transactions.
Following the strategic partnership, Web3 developers can now embed the customizable widget to their products to enable seamless conversion of crypto and instant settlement of transactions.
To begin with, the customizable widget by Stripe and Bitstamp will offer selected digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Circle’s USDC, and Stellar Lumen (XLM). The two companies will later expand their operations to other digital assets in the future depending on the market dynamics.
Furthermore, the customizable widget by Stripe and Bitstamp will not be available to customers in the United Kingdom.
Why Stripe and Bitstamp Opted for the European Market
The European market has significantly embraced the crypto industry and the web3 space in the recent past. As Coinspeaker previously noted, traditional financial institutions and global web3 companies have been eyeing the European market due to the clear regulations provided by the Markets in Crypto-Assets (MiCA)guidelines.
The European countries have attracted significant investment from international and local investors seeking to tap into blockchain technology to tokenize real-work assets (RWA).
Furthermore, the European Central Bank (ECB) has been working on rolling out its Central Bank Digital Currency (CBDC) to complement its existing financial instruments.
More investors from Europe – led by Germany, Switzerland, and France – have significantly adopted digital assets to hedge against global economic uncertainties and beat fiat inflation.
Market Picture
The crypto industry has demonstrated its potential to update global financial services, which are slow and expensive compared to web3 platforms. Bitstamp has been operating in Europe and the United Kingdom for years and currently offers different products including derivatives trading.
Earlier in May, Robinhood Markets Inc (NASDAQ: HOOD) announced a strategic acquisition of Bitstamp in a $200 million cash deal from former investors led by Ripple Labs.
As a result, the expansion of Bitstamp services in Europe is a direct benefit to the HOOD stockholders.
Earlier this week, Bitstamp announced a strategic partnership with Kryptos to enhance financial management capabilities for customers in Europe.
Founded in 2010, Stripe has grown to a major payment processor already working with top-tier web3 firms such as MetaMask, Blockchain.com, Magic Eden, and Nifty Gateway, among many others.
The partnership between Bitstamp and Stripe will further democratize digital assets amid the ongoing macro crypto bull run. Furthermore, web3 developers can now seamlessly build products that offer reliable crypto payment services, with the ability to include tax automation for sales.
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