Klarna to Integrate Crypto into its Platform Ahead of Anticipated IPO

Swedish fintech giant Klarna is set to integrate cryptocurrencies into its platform, as announced by CEO Sebastian Siemiatkowski. This move comes as the company prepares for its initial public offering (IPO) in the U.S. this April, potentially reaching a valuation of $15 billion.

CEO Sebastian Siemiatkowski Seeks Community Input

Siemiatkowski took to social media to share the news and asked the crypto community for their input on how to integrate cryptocurrencies into Klarna’s services. He highlighted the company’s existing user base of 85 million, $100 billion in transaction volume, and over 500,000 merchants.

“Ok. I give up. Klarna and me will embrace crypto! More to come. Yes I know! This post will get a huge sigh and 2 views. But it still feels historic. Last large fintech in the world to embrace it. Someone had to be last. And that’s a milestone as well of some sort…”

Siemiatkowski also mentioned that around 30% of transactions are debit-based rather than credit, and expressed his eagerness to hear from the community. He asked for suggestions on how to integrate crypto into Klarna’s services, stating that he already has some ideas but is open to more.

Potential Integration Ideas

Frank Schuil, co-founder and chairman of Safello AB, suggested that Klarna could combine its Buy Now, Pay Later (BNPL) model with crypto, potentially processing billions of dollars in digital assets. Marshall Hayner, founder of Metallicus and Metal Pay, recommended integrating with the Metal ecosystem, launching a stablecoin, and setting up a Klarna subnet for digital asset trading and DeFi services.

Nikhil Chandhok, a product and technology lead at Circle, emphasized the efficiency that stablecoin systems could bring to Klarna’s payment processes. He suggested settling payments with merchants in stablecoin, which could be quicker and smoother than traditional methods, and proposed the option for users to link their crypto wallets to Klarna for easier international transactions.

Tips for Klarna’s Crypto Integration

  • Consider combining BNPL model with crypto for potential processing of billions of dollars in digital assets.
  • Explore integrating with existing crypto ecosystems, such as Metal, for digital asset trading and DeFi services.
  • Use stablecoin systems for efficient payment processing and consider settling payments with merchants in stablecoin.
  • Allow users to link their crypto wallets to Klarna for easier international transactions.

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