Bitstamp has teamed up with Stripe to enhance Stripe’s fiat-to-crypto onramp across the European Union, bringing together two globally recognized fintech leaders. This strategic partnership aims to simplify cryptocurrency purchases for consumers throughout the EU.
The Bitstamp-Powered Stripe Onramp
Stripe’s onramp is a versatile, customizable widget that developers can easily integrate into their websites or applications. It provides users with an optimized checkout experience, ensuring seamless and instantaneous crypto transactions. Developers can easily incorporate Stripe’s onramp with minimal coding effort, while both Stripe and Bitstamp handle the backend complexities, ensuring a smooth user experience.
Under this partnership, Bitstamp will take on the responsibility of converting fiat currency into cryptocurrency and facilitating the subsequent consumer transfers. Bitstamp views this collaboration as an expansion of its “Bitstamp-as-a-service” model, further solidifying the role of cryptocurrency in the digital payments ecosystem.
The new onramp supports a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar (XLM), and USD Coin (USDC).
Building on Trust and Reputation
Jean-Baptiste Graftieaux, Global CEO of Bitstamp, expressed pride in the partnership, saying, “Being chosen by Stripe, one of the largest and most trusted players in the payments industry, is a testament to our reputation for safety, reliability, and security.” He added that this partnership marks a significant step in making cryptocurrencies more accessible and integrated into the global financial system.
John Egan, Head of Stripe Crypto, highlighted Bitstamp’s long-standing reputation as a key factor in the decision to partner. “Bitstamp’s trusted status made them the ideal choice for us to meet the needs of our users and their customers in the EU,” he said.
Stripe’s Ongoing Expansion
Stripe’s new crypto onramp is part of the company’s broader strategy to launch new products and services to sustain its growth. At Stripe Tour London earlier this year, Stripe executives unveiled plans for open banking services in the UK and the introduction of Stripe Capital. Additionally, Stripe is unbundling its core payments offerings to integrate more effectively with other payment service providers (PSPs). Will Gaybrick, President of Product and Business at Stripe, explained that the company has been quietly optimizing several services to work alongside other PSPs, with the aim of increasing modularity in Stripe’s payment processing system.
Stripe has also launched its Vault and Forward API, allowing businesses to use Stripe’s optimized checkout suite in collaboration with other PSPs.
The expansion follows Stripe surpassing $1 trillion in total payments volume for the first time in 2023, a 25% increase from 2022. Stripe President John Collison commented, “Despite the predictions of doom and gloom, consumer spending has held up well, which has contributed to our growth.”
Through this collaboration, Bitstamp and Stripe are positioning themselves to make cryptocurrency more accessible while continuing to drive innovation in the digital payments space.
With 18 years of pioneering experience in the crypto space, Roxait excels in technical collaborations to develop cutting-edge decentralized solutions. As a Bitstamp expert, we bring deep expertise in cryptocurrency exchanges and blockchain technology to every project. Our commitment to innovation and expertise in blockchain technology has made us a trusted partner in driving the future of decentralized systems.