Companies, banks and payment providers can accept cryptocurrency stored on Bitstamp as regular payment following a new partnership between the exchange and Qi Digital.
Announced this morning, businesses in the UK, Europe, Middle East and North Africa will be able to accept crypto payments through combining Bitstamp’s crypto exchange and settlement service with Qi’s crypto payment platform.
By providing the payment rails, London-based crypto commerce company Qi allows digital wallet holders to pay for goods and services, and business customers to accept payments as part of an e-commerce ‘crypto at checkout’ experience. Bitstamp will then receive and convert transactions into the bank account of Qi’s business customers. Qi will also be able to offer seamless connectivity with Bitstamp to banks and other payment processors looking to offer digital assets to their end customers.
With more than 400 million crypto users worldwide and increasing daily, it’s projected by Boston Consulting Group that by 2030, approximately one billion users globally will own or have access to a form of cryptocurrency.
“As crypto continues to evolve and we get closer to our goal of mainstream adoption, this partnership with Qi Digital signals the next step in helping mainstream audiences confidently approach digital assets, by providing seamless crypto transactions for businesses and their customers,” said Jean-Baptiste Graftieaux, Global, CEO of Bitstamp.
“As we work to grow the market for everyone, partnerships such as these ensure that we continue to provide a compliant and regulated service to our customers and make crypto accessible to all.”
Mann Matharu, CEO at Qi Digital, added: “This is an important milestone for the crypto industry.
“By partnering with Bitstamp, we’re able to respond positively to provide a secure, more robust crypto payment solution. We can help shape the crypto landscape by future-proofing businesses to meet the demands of a growing global consumer market. PSPs can now add a trusted, blockchain-connected payment proposition for their merchants and consumers worldwide. Our aim is to provide choice for the everyday consumer as crypto adoption rises.
“We recognise that banks are also needing to evolve in this space, especially with the increase of ‘neo’ types of banks – many built on new technology, such as blockchain. Through our legacy-inclusive approach, we can help financial institutions develop deep tech products in a regulatory environment.”