Swedish fintech company Klarna Bank, known for its Buy Now, Pay Later service, has announced plans to embrace cryptocurrency. The company's CEO, Sebastian Siemiatkowski, previously criticized crypto, but has now had a change of heart. The announcement comes as Klarna prepares for an initial public offering and expansion in the US market. Klarna has grown to be one of Europe's leading fintech companies, serving over 85 million customers and processing over $100 billion in transaction volume. The company's integration of crypto, particularly stablecoins and Bitcoin, could potentially increase transaction volume and improve efficiency. Klarna is also seeking assistance and ideas from the crypto community. This move reflects a larger trend of financial institutions reassessing the role of digital assets. The regulatory landscape and the maturation of the digital assets market are factors contributing to Klarna's exploration of cryptocurrencies. Klarna's pivot comes as it looks to expand in the US market and file for an IPO. While Klarna acknowledges that it is the last large fintech company to embrace crypto, other financial giants, such as PayPal and Revolut, have already integrated crypto services. The changing stance towards crypto by major players in finance, including Wall Street firms, is also indicative of the evolving landscape of the crypto industry. Klarna's CEO had a change of mind after discussions with board members and crypto companies. The regulatory environment for digital assets in the US has become more favorable with the election of a pro-crypto president, Donald Trump, who recently signed an executive order encouraging adoption of digital assets and prohibiting the issuance of central bank currencies.



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