This partnership, announced on Tuesday 11 July 2023, will offer businesses in the UK, Europe, Middle East and North Africa the opportunity to integrate crypto payments by combining Bitstamp’s crypto exchange and settlement service with Qi’s crypto payment platform.
Digital wallet holders will have the ability to use their cryptocurrency for purchases through Qi’s payment rails, while businesses can seamlessly accept crypto payments during the e-commerce ‘crypto at checkout’ experience.
Bitstamp will handle the conversion of transactions into the bank accounts of Qi’s business customers.
Additionally, Qi will provide connectivity with Bitstamp to banks and other payment processors aiming to offer digital assets to their customers.
With the number of crypto users surpassing 400m worldwide and steadily increasing, this partnership aims to tap into the expanding market and meet the rising demand for crypto payment integration.
Jean-Baptiste Graftieaux, global CEO of Bitstamp, noted in the company’s press release the importance of compliant and regulated service to customers and making crypto accessible to all.
Mann Matharu, CEO at Qi Digital, stated that the partnership was an important milestone for the crypto industry “by future-proofing businesses” and offering “a secure, more robust crypto payment solution.”
Matharu recognised the need for banks to evolve in this space and highlighted the role of Qi’s legacy-inclusive approach in assisting financial institutions to develop deep tech products within a regulatory environment, especially with the rise of new technology-driven banks built on blockchain.