Key takeout
- Klarna plans to integrate cryptocurrency services into its platform.
- CEO Klarna asks for community input on how best to implement cryptographic features.
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Clarna, a fintech giant who paid the Swedish purchase, is aiming for Crypto Integration.
“Okay. I'll give up. Klarna and Me will accept the code! More coming,” he wrote to X. “Yes, I know! In this post, I have a sigh and two viewings. But I still feel that it's historic.”
Siemiatkowski playfully admitted that Klarna was one of the last major fintech players to enter the Crypto space.
“Someone had to be the last one, and that's also a kind of milestone,” he said.
Siemiatkowski founded Klarna in 2005 with Niklas Adalberth and Victor Jacobsson, running the company to become a global leader in Buy Now, paying for later sectors.
Klarna currently serves 85 million customers and has over 500,000 merchants. The company handles a $100 billion transaction volume. That 30% is debit card spending.
While sharing Klarna's planned cryptography adoption, Siemiatkowski sought input from the Crypto community on potential implementation strategies.
“…all the crypto fans. Tell us what we should do with that?” he said. “I have a few ideas, but I'd like to hear more!”
“I'll fill my to-do list for a while… I promise to follow up all my ideas and suggestions!” He convinces him of the possibility of Crypto, and so he is a member of Sequoia Capital. He said he praised the three entrepreneurs featured by Andrew Reed.
Nikhil Chandhok, Chief Products and Technology Officer at Circle, offered support by suggesting that Klarna could resolve merchant transactions with Stablecoins for faster processing and improved cash flow.
Chandhok also proposed the integration of crypto wallets to allow direct crypto payments for Klarna purchases.
“In the long run, when you settle down with merchants and public chains, you can probably enable their credit market,” Chanduk said.
Coinlist CEO Raghav Gulati recommended that payments be allowed on Stablecoins on low-cost networks like Solana and proposed to hold a small Bitcoin position as an inflation hedge at Klarna's Treasury.
Siemiatkowski said he will update Klarna's cryptographic plan.
Siemiatkowski's previous skepticism about Bitcoin and crypto assets appears to be waning. He recognized their promises early, but he warned against advertising these assets as financial investment products without protection.
“There are many promises in cryptocurrency,” Siemiatkowski said in an April 2021 interview with CNBC. With Bitcoin. That's when many people get nervous about coming late to the party and losing a lot of money. ”
Klarna's biggest competitor, Affirm, has already dipped his toes into the arena. In late 2021, US payment providers, in collaboration with NYDIG, launched a “Positive Crypto Program” that allows customers to buy and sell Bitcoin.
However, the assertion cancelled the program in early 2023.
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