Bitstamp to Support Stripe’s Fiat-to-Crypto Onramp in EU
Bitstamp, the world's longest-running cryptocurrency exchange, has announced a strategic partnership with Stripe to bolster Stripe's fiat-to-crypto onramp across the European Union.
This collaboration unites two of the most reputable fintech entities, facilitating seamless cryptocurrency purchases for consumers throughout the EU.
The Bitstamp-powered Stripe onramp
The Stripe onramp is a sophisticated, customisable widget that developers can effortlessly embed into their applications or websites.
It is designed to provide users with an optimised checkout experience for cryptocurrency conversion, ensuring instant settlement of crypto transactions.
Developers can incorporate Stripe’s crypto onramp with minimal coding effort, with Stripe and Bitstamp taking on the responsibility of managing underlying complexities.
It is in this way Stripe can deliver its end goal for users – a streamlined customer experience.
Per the deal, Bitstamp will assume responsibility for the conversion of fiat currency into cryptocurrency and the subsequent consumer transfers.
Expanding ‘Bitstamp-as-a-service’
Bitstamp says the partnership represents an expansion of ‘Bitstamp-as-a-service’, and reinforces the vital role of cryptocurrency in the digital payments ecosystem.
Stripe’s new crypto onramp accommodates a range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar (XLM) and USD Coin (USDC).
Jean-Baptiste Graftieaux, Global CEO of Bitstamp, says: "We're immensely proud to have been chosen to partner with Stripe – one of the biggest and most trusted players in the payments space. It’s a testament to our own record for safety, reliability and security.
"This partnership is a significant milestone in our journey to make cryptocurrencies more accessible and integrated into the global financial system."
John Egan, Head of Stripe Crypto, underscored the importance of Bitstamp's reputation in their decision-making process. "Bitstamp's long-standing reputation as a trusted partner made them an easy choice for us when considering how best to serve the needs of our users and their customers in the EU.”
Stripe: Launching new services for sustained growth
Stripe’s new onramp service comes as the leading fintech has pledged to launch new products and services to sustain growth.
Speaking at Stripe Tour London earlier this year, Stripe execs outlined the launch of open banking services in the UK and the launch of Stripe Capital.
The fintech has also announced plans to unbundle its core payments offering from its broader tech stack, as Will Gaybrick, President of Product and Business at Stripe, explained: "Over the past few years, we've quietly made several Stripe services work well with other PSPs, and now we're taking this one step further. We're extending our modularity to the very core of Stripe payments processing.
"We recently launched our Vault and Forward API so that you can use even more Stripe with other payments processors. Businesses can now use our optimised checkout suite with other PSPs."
Stripe’s expanded services come after it surpassed US$1tn in total payments volume for the first time in 2023, up 25% on 2022.
Stripe President John Collison said to CNBC on this success: “We spent a lot of time focusing on that top-line growth. All of last year [people were] predicting all manner of doom and gloom, [but] so far consumer spending has held up really well.”
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