Klarna to Integrate Crypto: CEO Invites User Suggestions
Klarna, a global payment solutions provider based in Sweden, became the latest fintech to integrate cryptocurrencies.
In a February 9 X post, Klarna co-founder and CEO Sebastian Siemiatkowski announced: “Klarna and me will embrace crypto.”
He added that although Klarna is the last large fintech to make the crypto move, it still feels historic.
In his announcement, Siemiatkowski also called for user input on which crypto services to offer, mentioning the solution’s large user base:
Btw all crypto fans. Tell me what we should do with it? We have 85 m users worldwide. 100 bn of volume. Over 0.5 m merchants. About 30% of volume is debit not credit. Over 1 million cards.
I have some ideas but I'm keen to hear more!
Community reactions to Klarna’s crypto adoption were varied. As Siemiatkowski summed up, many people suggested being fully compliant as a key advantage.
One user suggested Klarna use Ripple’s XRP Ledger (XRPL) for the purpose, while another recommended adding Bitcoin to the company’s balance sheet and ignoring anything else.
At the moment, the company’s approach to crypto adoption hasn’t been finalized, and it’s not clear yet whether they will use an existing blockchain to process payments or build their own solution.
Apart from the main announcement, Siemiatkowski jokingly shared a song that he created through the AI application Suno. He said his kid was so excited about Klarna, BTC, and crypto that he pushed him to do a song.
Klarna’s Getting Ready for a US IPO
Klarna was founded in 2005 by Niklas Adalberth, Sebastian Siemiatkowski, and Victor Jacobsson. Over the years, it has grown into a global leader in the Buy Now, Pay Later (BNPL) sector.
In November 2024, Klarna filed for an Initial Public Offering (IPO), with a potential valuation of up to $15 billion.
According to the Financial Times, the company recently sold most of its UK portfolio to the US hedge fund Elliott and is preparing to go public in April 2025.
However, Klarna has yet to announce which stock exchange it plans to list on.
Crypto Adoption by Payment Solutions Providers
Klarna's decision to integrate cryptocurrency services reflects a broader trend among fintech companies recognizing the potential of digital assets. This integration could enhance transaction speed, diversify payment options, and provide a hedge against inflation.
Before Klarna joined the party, PayPal, Visa, Stripe, and other companies had already integrated crypto into their services in different ways.
PayPal introduced crypto buying, selling, and payments in 2020, allowing users to make purchases using Bitcoin, Ethereum, and other digital assets.
Visa took an infrastructural approach, enabling USDC stablecoin settlements and partnering with crypto wallets to issue Visa-branded crypto debit cards. In October 2024, the company introduced the Visa Tokenized Asset Platform (VTAP) to allow banks to tokenize traditional assets on the blockchain.
Stripe, after initially pulling back from crypto, re-entered the space by supporting stablecoin payments and offering crypto payout solutions for businesses last year.
As fintech keeps growing and the rules around crypto get clearer, the mix of traditional finance and digital assets is gearing up to change how we handle payments for good.
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