Stripe, a payment processing business, unveiled a “fiat-to-crypto on-ramp” on Thursday to simplify payments for Web3 companies.
Quick Take:
- The service lets crypto companies let customers exchange dollars for crypto.
- Stripe’s Link service can autofill payment and identification information for future purchases.
- Audius, Magic Eden, and Argent are using the onramp, Stripe said.
According to a Stripe recent blog post, the “Fiat-to-Crypto Payment” service, which cryptocurrency firms may utilize to allow their consumers to swap dollars for cryptocurrency, will also manage compliance, fraud, and KYC checks.
Widgets like this one are useful in a few situations. Non-custodial wallets are most likely the most common. Once you have crypto assets in your wallet, you can use WalletConnect to interact with various web3 products. You can buy NFTs, use DeFi products, and so on.
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How Stripe Crypto Payment Service will help Blockchain Platforms?
Stripe is a payments industry giant handling online transactions for companies such as Apple and Walmart. Its foray into cryptocurrency might aid in the mainstreaming of blockchain payments.
The company said that blockchain-based gaming firms could use the Stripe Crypto Payment Service to enrol gamers and allow them to deposit funds into wallets. The new widget is customizable and can be connected with a company’s current product. Moreover, the feature aims to reduce the need for businesses to combine various third-party services to swap fiat cash and cryptocurrency.
According to Stripe, the “fiat-to-crypto on-ramp” will also assist clients of blockchain-based enterprises in avoiding some cryptocurrency-related problems. Basically, Stripe crypto Payment Service tackles problems like setting up a wallet and purchasing digital currencies via an external exchange.
Customers may also store their payment and identifying details in Stripe’s crypto Link service, which will autofill the information for repeat transactions for further convenience.
Stripe charged $4.99 to buy $100 worth of USDC in the example screenshot. However, the fee may vary depending on the amount and method of payment. Because it is a Stripe product, it should support various payment methods from the start, such as card payments, bank transfers, Apple Pay, Google Pay, and so on. Stripe collaborates with Zero Hash to obtain cryptocurrencies behind the scenes.
Stripe anticipates that its widget will appeal to developers working on DEX, NFT, wallet, and dApp platforms. For example, the company claims to have tested the product with Audius (a blockchain-based music streaming platform), Magic Eden (an NFT marketplace), and Argent (an Ethereum wallet).
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On a way to Expansion…
Stripe’s relationships with cryptocurrency corporations have grown over the past year. The company now facilitates cryptocurrency payouts in 67 countries. Further, it allows organizations to send USDC payments to people and businesses worldwide.
Audius, the decentralized music discovery platform, is one of the first to embrace Stripe’s new on-ramp. It has implemented Stripe’s crypto payments service to allow users to use their credit cards to buy its native AUDIO coin to tip their favourite musicians.
In July, the network took the first step toward letting users pay artists with digital currencies by allowing them to reward content producers using AUDIO earned on the platform.
Orca, a Solana-based decentralized exchange, is another project that uses Stripe’s widget. Users can make fiat purchases for tokens like USDC and SOL using an on-ramp developed inside Orca.
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