BNPL giant Klarna will explore building an in-app crypto wallet in partnership with Privy.
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Klarna is partnering with Privy to explore building an in-app crypto wallet. The initiative follows Klarna's launch of the KlarnaUSD stablecoin and aims to make the use of crypto more accessible.
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The Swedish “buy now, pay later” fintech giant is partnering with crypto wallet provider Privy, recently acquired by Stripe, to research and develop an in-app crypto wallet, according to a Thursday announcement.
According to Sebastian Siemiatkowski, CEO of the movement, Klarna's broad consumer trust is an opportunity to integrate cryptocurrency into everyday financial processes. By partnering with Privy, the company aims to create wallet solutions that feel as seamless as its existing features.
“Millions trust Klarna to help them manage their daily expenses, savings and purchases. This puts us in a unique position to bring crypto into the financial lives of regular people, not just early adopters,” Siemiatkowski said.
Siemiatkowski, previously cautious about crypto, now sees the space as mature and promising.
“The technology has evolved, and with Privy we plan to build products that feel like every other Klarna feature. This is how mainstream adoption happens: easy, secure and part of everyday life,” he said.
Privy, whose infrastructure supports more than 100 million accounts and platforms such as OpenSea, helps Klarna ensure its wallet is secure, intuitive and scalable.
“We are proud to partner with world-class fintechs like Klarna to provide a secure, enterprise-ready infrastructure,” said Henry Stern, CEO and founder of Privy. “Privy aims to be the backbone for any business looking to take advantage of the exciting capabilities offered by crypto and stablecoins.”
Industry data shows that hundreds of millions of consumers already own digital assets, indicating huge mainstream potential.
Klarna's European banking license places it among a select group of banks exploring consumer-friendly crypto solutions, the company said.
The initiative strengthens Klarna's relationship with Stripe.
The company recently launched the KlarnaUSD stablecoin in partnership with Tempo and Bridge. The product aims to improve international payments by reducing costs and eliminating intermediaries such as the SWIFT network.
