Wednesday, August 7, 2024, brought excellent news for European cryptocurrency investors. The world’s largest financial technology company, Stripe Tech, and the exchange platform Bitstamp have confirmed the start of a partnership. Both have come together to facilitate conversions from fiat currencies to cryptocurrencies.
A press release shared on the platform’s website Bitstamp presented quotes from representatives of both companies, highlighting the mutual trust and admiration that informs the partnership. The CEO of Bitstamp, Jean-Baptiste Graftieaux, stated: “We are immensely proud to have been chosen to partner with Stripe – one of the largest and most trusted players in the payments space.”
In a similar note, Stripe’s representative, John Egan, said: “Bitstamp’s long reputation as a trusted partner has made it an easy choice for us when considering how best to meet the needs of our users and their clients in the EU.”
The announcement has sparked the curiosity of many investors who see this partnership as a positive development for the European market. In this article, we analyze this collaboration as well as the reasons behind the optimistic reception that news of the partnership has received.
What does this partnership mean?
The reason behind the enthusiasm of investors lies in the expanded options it brings. European companies using Stripe’s digital payment infrastructure can now offer their clients the possibility of instant transactions with cryptocurrencies.
Stripe clients can offer a variety of options such as Bitcoin, Solana, USD, Ethereum, and Stellar on their websites and applications. The collaboration assigns Bitstamp the responsibility of managing conversions and transfers.
Due to this partnership, the process of converting and using cryptocurrencies through Stripe’s “on-ramp” payment infrastructure will now be more comprehensive. This is because widgets included in mobile applications and websites will facilitate the acquisition and use of cryptocurrencies to complete a wide range of purchases.
Why is this partnership exciting?
As we mentioned earlier, Stripe Tech currently provides digital payment infrastructure for 2.84 million websites. Many of these operate in Europe. For this reason, the expansion of options for converting to cryptocurrencies will likely help the digital asset market to expand and gain strength in the region.
Another important driver of this expansion has been Coinbase, a platform that offers 240 digital assets including Dogecoin, Tether, and Cardano.
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