Klarna (NYSE:KLAR), the global digital bank and flexible payments provider, has signed a research partnership with Privy, the wallet infrastructure platform and a Stripe company, to explore, research and co-design potential wallet solutions to power a new generation of crypto products for Klarna users. The agreement follows Klarna’s launch of its own stablecoin, KlarnaUSD, in partnership with Tempo and Bridge.
Now, the company is exploring building a wallet to “make it easier for everyday people to actually use, store, and transact with crypto, lowering the barrier for mainstream adoption.”
Sebastian Siemiatkowski, CEO and co-founder of Klarna said that people use their services and platform “to help them manage everyday spending, saving and shopping.”
That puts them in a position to “bring crypto into the financial lives of normal people, not just early adopters.”
They added that the technology “has matured, and with Privy they now “plan to build products that feel as intuitive as any other Klarna feature.”
Venture capital firm a16z estimates that 716 million consumers “hold cryptocurrencies worldwide and 40 – 70 million transact with crypto currency each month, a figure that is growing at 10 million a year.”
Privy powers over 100 million accounts for 1,500+ developers today, “including crypto-native platforms like OpenSea and Hyperliquid, and helps users orchestrate billions in crypto and stablecoin movements every month.”
This new partnership with Klarna enables every Klarna user “to hold a wide variety of digital assets anywhere in the world, invest safely, and more easily trade and transact with friends.”
Henri Stern, CEO and co-founder of Privy said that they are eager to partner with world-class fintechs like Klarna, “providing the secure, enterprise-ready infrastructure they need.”
Stern added that Privy aims to be the backbone for any business “that wants to harness the exciting capabilities crypto and stablecoins offer.”
In addition to this latest update, they are now looking forward to their next announcement in a week or so.
The partnership now reportedly represents a research and development initiative as Klarna explores the “potential of digital asset infrastructure.”
Any future product launches would be subject to “obtaining necessary regulatory approvals and licenses in applicable jurisdictions.”