02 Dec 2022
Fiat-to-crypto onramp service is now available from Stripe
With the help of this new onramp, users can now convert USD to the cryptocurrency of their choice, thanks to a gateway introduced by Stripe.
An embeddable and editable widget serves as the new payment method
The most recent payment method is a widget that can be added to various decentralized apps, wallets, and decentralized finance (DeFi) systems and is embeddable and modifiable (dApps).
Additionally, it seamlessly integrates into Web3 apps, allowing users to buy cryptocurrency without ever leaving the app. The group mentioned the following in a blog post:
"Our goal in developing our fiat-to-crypto gateway was to simplify the process."
Sixteen businesses now support the onramp from fiat to cryptocurrencies. They include blockchain-based music streaming services such as Audius, NFT marketplaces such as Magic Eden, and cryptocurrency wallets such as Argent.
Audius co-founder Forrest Browning made the following remark about the company's use of Stripe:
"Our team is psyched to finally integrate Stripe’s onramp into our application and begin accepting payments. The market has been waiting for a low-cost, flexible crypto onramp, and now it has one."
The post suggests that onramp platforms using Stripe will save money by avoiding hiring multiple vendors to handle KYC, fraud, payments, and compliance. By integrating Stripe's onramp, businesses can give their customers “a frictionless checkout experience, designed for conversion, enabling for quick settlement of crypto.”
In a recent blog post, Argent CEO Itamar Lesuisse made the following declaration:
"It is a massive development toward the goal of seamless transitions between centralized and decentralized financial systems. We’re thrilled to offer our customers access to Stripe’s advanced payment processing and user interface. In 2022, Stripe began allowing its users to receive cryptocurrency rewards in 66 countries and to transfer USDC payments to individuals and businesses worldwide."
Stripe now accepts a wider variety of cryptocurrencies
Stripe now accepts cryptocurrency payouts from users in 67 different countries and supports 67 different cryptocurrencies, increasing over the previous year. It facilitates USDC-based international business payments.
A decentralized music discovery network called Audius has announced that it will begin accepting credit card payments via Stripe's new onramp. By using their credit cards to purchase the site's native AUDIO currency, users will be able to tip their favorite musicians.
As of July, the service allowed users to pay content creators with AUDIO that they had acquired while using the network. It was the first step toward consumers being able to give virtual currency tips to artists.
Orca is a Solana-based decentralized currency exchange that also uses Stripe's widget.
Orca now has an onramp where users can convert their fiat money into tokens like USDC and SOL.
Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.
