Bitstamp, a leading cryptocurrency exchange, has partnered with fintech leader Stripe to make digital currencies more accessible across the European Union using Stripe's fiat-to-crypto on-ramp.
In an August 7 press release, Bitstamp emphasized that this partnership ensures a smooth checkout process for crypto conversions and near-instant settlements of cryptocurrency transactions.
Stripe's on-ramp allows users to purchase crypto exactly when they need it, addressing the "cold start problem" for those without existing digital assets. Users can also seamlessly exchange their purchased crypto for other assets.
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Jean-Baptiste Graftieaux, Global CEO of Bitstamp, said:
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.
The on-ramp supports multiple cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Stellar (XLM), and USD Coin (USDC). Moreover, Stripe adheres to strict regulatory standards, including Know Your Customer (KYC) verifications and sanctions screening, to ensure compliance and security.
Consumers can use various payment methods, including credit and debit cards and Apple Pay, to purchase cryptocurrencies through Stripe's on-ramp. This service is currently available in the EU and the United States, except for Hawaii.
Stripe offers two methods for implementing its on-ramp solution: an embeddable widget for websites and applications with minimal coding and a standalone, Stripe-hosted page at Crypto.link.com, which businesses can direct their customers to without coding.
In this partnership, Bitstamp will handle the conversion of fiat currencies to cryptocurrencies and manage the transfer of these digital assets to consumers, expanding its Bitstamp-as-a-service offering.
The collaboration aims to enhance the ease of accessing cryptocurrencies in Europe, potentially transforming the digital currency sector.
This announcement comes after the stock trading app Robinhood revealed plans to buy Bitstamp for $200 million in June.
