Payment giant Klarna continues to enter the crypto finance space? Teams up with Stripe's Privy to develop a crypto wallet

Swedish buy now, pay later (BNPL) giant Klarna is accelerating its layout in crypto finance. After announcing the launch of the US dollar stablecoin KlarnaUSD, Klarna today once again collaborated with Privy, a wallet infrastructure under Stripe, to jointly create a mainstream-focused crypto wallet aimed at lowering the barriers to Web3 adoption, allowing consumers with no trading experience to easily hold and manage digital assets.

Klarna teams up with Privy to develop a crypto wallet: Making it accessible to ordinary people

Klarna announced today a partnership with Privy, a wallet provider under payment giant Stripe, to co-design a “mass-market” crypto wallet.

Klarna CEO Sebastian Siemiatkowski stated that the wallet is expected to support many types of digital assets:

Klarna has been used by millions for daily spending and financial management, enabling it to bring crypto assets into everyday life, no longer limited to early Web3 users.

He emphasized that as underlying technology matures, Klarna hopes to continue launching simple, secure, and user-friendly experiences like its other products to promote mainstream adoption.

After stablecoins, new moves: Klarna’s close integration with the Tempo chain

This collaboration continues Klarna’s ongoing crypto ecosystem partnership with Stripe. Last month, the company announced that its US dollar stablecoin KlarnaUSD will be issued via Bridge, a stablecoin platform acquired by Stripe last year for $1.1 billion, and deployed on the Tempo Layer 1 blockchain incubated by Stripe and Paradigm, which is payment-driven.

(Inventory of competitive stablecoin L1 blockchains: Who can seize the global “on-chain payment” main battlefield?)

On the other hand, Privy was acquired by Stripe in June this year, and its embedded wallet technology has been widely integrated into most crypto applications like Hyperliquid and Pump.fun. Through this cooperation, Klarna will further align with Stripe’s gradually building crypto financial infrastructure.

(Payment giant Klarna chooses Tempo to issue its own stablecoin: Ethereum faces cold reception from enterprise-grade L1?)

Stripe is making frequent moves, from a payment giant to a national bank?

In addition to Privy, after acquiring Bridge for $1.1 billion, Stripe has quickly integrated stablecoins into its core business.

It is not only collaborating with giants like Coinbase and Shopify to promote USDC payments but also launching the Open Issuance platform to help enterprises issue their own stablecoins using Bridge infrastructure; meanwhile, it has also applied for a national bank trust license with the US Office of the Comptroller of the Currency (OCC), showing its expansion ambitions.

(Who is the real bank? Analysis of the regulatory landscape of national trust banks, chartered banks, and crypto giants)

Competition or cooperation? Stablecoins enter the era of regulation

Today, the cooperation between Stripe and Klarna reflects strategic layouts of payment providers either collaborating or competing, and further indicates that stablecoins are gradually permeating into the financial system.

As stablecoin issuers gain national regulatory status, the future of digital dollarization, cross-border payments, and on-chain finance becomes clearer. The next round of global payment competition will unfold in the regulatory stablecoin battlefield.

This article: Payment giants Klarna continue to venture into crypto finance? Collaborating with Privy under Stripe to create a crypto wallet first appeared on Chain News ABMedia.