Klarna CEO Sebastian Siemiatkowski Plans to 'Embrace Crypto' Ahead of Reported US IPO

Swedish payments giant Klarna Bank AB, which is reportedly planning a US initial public offering this year, plans to “embrace crypto,” according to a Feb. 8 post from its CEO Sebastian Siemiatkowski.

Swedish payments giant Klarna Bank AB, which is reportedly planning a US initial public offering (IPO) this year, is also planning to “embrace crypto,” according to a Feb. 8 post from its CEO Sebastian Siemiatkowski.

Siemiatkowski said he had some ideas but asked his followers for their input, prompting responses from some industry executives. The firm processes around $100 billion in trading volume annually.

Circle CEO Jamie Allaire pitched the firm’s USD Coin (USDC) stablecoin, while others suggested Klarna could integrate crypto payments, non-fungible tokens (NFTs) or a Klarna token.

Siemiatkowski acknowledged that his firm would be playing catch up on two of its biggest competitors, PayPal and Revolut, which already offer a wide selection of cryptocurrency services.

“Klarna will be late to the party. But better late than never,” he said.

PayPal, for example, already offers a PayPal USD (PUSDC) stablecoin, while Revolut users can trade crypto, use it to book flights and hotels, and even pay friends and family.

It comes as Klarna is preparing for an IPO in the US, the Financial Times reported on Feb. 8. The payments giant was last valued at $45.6 billion in June 2022 after a funding round that saw it slash its valuation by 85%.

Klarna is also reportedly planning to cut 10% of its workforce, or around 450 employees, in the coming weeks.

Klarna declined to comment on the IPO or crypto plans when contacted by Blockworks.

Klarna crypto plans, CEO slams BTC again

After teasing Klarna’s crypto plans on Feb. 8, Siemiatkowski went on to share a three-minute AI-generated song called “Crypto Boy” that mentioned everything from Bitcoin (BTC), Binance and Coinbase to staking, NFTs and mining.

One of the kids was so happy about crypto, Klarna, Bitcoin so we made a song. If I get enough likes I promise to push @svt to let me perform it at Eurovision 😉

Honestly Gothenburg was good but in Luleå this could have had a chance

However, Siemiatkowski also took aim at Bitcoin again, describing it as a “decentralized Ponzi scheme” and adding that “everyone who buys it hopes for a greater fool.”

“It’s funny how everyone in crypto seems to hate PayPal and Klarna for offering crypto. Yet they want Klarna and H&M to offer Klarna crypto,” he added.