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Klarna, the Swedish payment company, is taking a step toward cryptocurrency, but not targeting traders—instead aiming at the general public. The fintech, primarily known for its buy-now-pay-later system, has announced it’s developing its own crypto storage solution with Privy. The idea is simple: make crypto accessible to millions of users who currently have little to no experience with digital assets.
Klarna Crypto Wallet: Simple and Accessible #
Klarna wants to build a wallet with a clear vision: everything revolves around accessibility. The wallet should feel just like any other payment system: clear, simple, and without technical complications. Not through trading apps or complicated wallets, but directly from an app they use daily. With this approach, Klarna aims to make the crypto world even more accessible to the general public.
The wallet won’t be aimed at seasoned crypto investors. CEO Sebastian Siemiatkowski seems to primarily seek connection with their existing users. Siemiatkowski stated:
“Millions of people already trust Klarna for daily expenses. That gives us a unique position to make crypto part of ordinary people’s financial lives, not just early adopters.”
Klarna Invests in Crypto #
To achieve this, they’re partnering with Privy, a wallet infrastructure company owned by Stripe. This isn’t the first time Klarna has collaborated with a Stripe subsidiary. For another recent crypto project, Klarna is working with Bridge, a stablecoin platform that Stripe acquired last year.
This involves KlarnaUSD, their own dollar-based stablecoin that will run on Tempo. That’s a new crypto network supported by Stripe and investor Paradigm. With their own wallet, Klarna can directly connect this infrastructure to their users.
Privy also has considerable experience as a crypto wallet developer. The company provides embedded wallets already used by well-known crypto apps, such as crypto exchange Hyperliquid and Solana project Pump.fun.
Stripe plays a quiet but important role in this. The payment giant has been investing in crypto infrastructure for some time and seems to be focusing on stablecoins and wallets as a bridge between traditional payments and blockchain with Klarna and Tempo.
Currently, Klarna and Privy are still in a research and product development phase, and no concrete product plan is ready yet. However, Klarna hints at a new announcement in the near future.
Debt and Other Risks #
Meanwhile, there has been criticism of Klarna for some time, particularly regarding the buy-now-pay-later feature. In multiple countries, regulators warn that young people are more likely to accumulate debt through this service, as they can pay with money they don’t actually have.
Now Klarna wants to make it easier for their users to invest in risky assets without needing to understand or inform themselves about the risks. X user OxMarioNawfal joked: “crypto bros will get into debt,” but the underlying criticism is clear.