• 26 May, 2024
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Stripe Jumps Into WEB3 With a Fiat-to-Crypto On Ramp

Stripe, a global payments processing company, has launched a fiat-to-cryptocurrency payment project for Web3, allowing businesses in dozens of countries around the world to make fiat-to-crypto payments.

Stripe’s new transactions solution is described as a customizable widget that can be directly embedded in DEX, NFT platforms, wallets, or dapps, allowing customers to purchase crypto in applications instantly.

Stripe handles all KYC, payments, fraud, and compliance, eliminating the need to integrate multiple third-party services. This is in line with Stripe’s emphasis on simplicity and developer experience.

Stripe stated that blockchain-based gaming companies, for example, could use the new widget to onboard players and allow them to transfer funds into wallets. The new widget is customizable, can be integrated with a company’s existing product, and aims to eliminate the need for businesses to combine multiple third-party services to exchange fiat currency and cryptocurrency.

It will also assist customers of blockchain-based companies in avoiding some of the headaches associated with crypto, such as setting up a wallet and purchasing digital currencies from an external exchange, according to the company.

Blockchains provide developers with extraordinarily powerful capabilities—moving and storing money via globally applicable and consistent protocols, minting digital assets, and cryptographically proving ownership and identity, to name a few.

Jennifer Lee, product manager at Stripe, wrote in a blog post.

The company believes that some of the most basic needs of a Web3 developer are still unmet.

Today, it’s extremely difficult to get end users “on chain”—that is, to fund their wallets with the crypto required to interface with Web3 applications,

Lee added.

Stripe is a payments industry behemoth, processing online purchases for companies such as Apple and Walmart. Its foray into cryptocurrency could aid in the popularisation of crypto payments and boost investors’ morale.

Stripe has expanded its partnerships with cryptocurrency companies over the last year, now supporting crypto payouts in 67 countries and allowing businesses to send USDC payments to people and companies all over the world.

Stripe’s decision to expand into the crypto space at a time when centralized exchanges are under fire can help DeFi become more available to mainstream consumers. NFT marketplace Magic Eden, social NFT platform Nifty’s, and decentralized exchange Orca are among the companies that have already partnered with Stripe to provide fiat-to-crypto on-ramp services.

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