European payment powerhouse Klarna has decided to finally jump into the crypto scene. CEO Sebastian Siemiatkowski announced on X that they’re gearing up to integrate cryptocurrencies into their services. “I give up. Klarna and me will embrace crypto! More to come,” he declared. This is a significant shift for the firm valued at a hefty $14.8 billion. Klarna is a titan in the “buy now, pay later” sector but the company has resisted the crypto movement until now, making this decision all the more groundbreaking.
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Sequoia Capital Backs Klarna’s Bold Leap
Venture capital giant Sequoia Capital, holding a 22% stake in Klarna, is no stranger to the crypto sphere, with investments in Avalanche (AVAX-USD) and Stripe. This backing from Sequoia, noted for championing fintech innovation, adds an extra layer of confidence in Klarna’s new venture. Siemiatkowski told his 33,000 followers on X that Klarna is the “last large fintech in the world to embrace it. Someone had to be last.”
What’s Next for Klarna and Crypto?
While details are still under wraps, the community is speculating on how Klarna will integrate crypto. From a potential “buy crypto, pay later” model—quickly dismissed by Siemiatkowski—to other innovative integrations, Klarna is exploring all avenues. “It might take some time for us to have a plan in place,” he noted earlier today.
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