Thursday, February 9, 2023

Payments Giant Stripe Launches Cash To Crypto Web3 Service

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Stripe, an Irish-American financial services company, recently announced it is launching a project that would make fiat-to-crypto payments easier for Web3 businesses in many countries.

Dubbed as “fiat-to-crypto on-ramp,” the new offering features a customisable widget that could be directly integrated into a decentralized app (dApp), a non-fungible token (NFT) or decentralized exchange (DEX) platform.

According to the online payments company, the widget is dedicated to facilitate fast and seamless cryptocurrency purchases on Web3 applications and provides personalized on-boarding services.

The new feature also has the capability to handle fraud and know-your-customer (KYC) challenges that could prove to be tiresome and much hassle for many companies.

With this, Stripe, which manages online purchases for fellow industry giants such as Apple and Walmart, might have just help in pushing blockchain payment further in its bid for mainstream adoption.

Image: Bessbefit

Stripe Continues To Explore Crypto-Related Tie-Ups

During the past year, the company has exerted efforts in forming partnerships with crypto companies that resulted in enabling payouts through the digital asset class across 67 countries.

This gave various enterprises the ability to easily send USDC as payment for individuals and organizations located in different parts of the globe.

Meanwhile, with regards to Stripe’s latest project, decentralized music platform Audius was among the first companies to try the firm’s on-ramp feature, integrating the service into its system to allow their users to buy its AUDIO native token through their credit cards.

Solana-based exchange Orca has also started using the Stripe widget to enable its users to purchase crypto assets such as USDC and SOL using their fait money.

Solana Monopolizes Projects Under The Program

The Solana blockchain appeared to have monopolized Stripe’s debut of its “fiat-to-crypto on-ramp” as 11 of the 16 projects under it are built on the network.

Among these startups are Ultimate Money, SpotWallet, OTTR Finance, MagicEden, Glow Wallet, FastAF, Audius and Orca.

However, the blockchain’s native cryptocurrency, SOL, hasn’t responded positively with this development as it failed to tally a significant increase in terms of trading price.

At the time of this writing, according to tracking from Coingecko, the digital asset is changing hands at $13.54, losing almost 1% of its value during the previous 24 hours.

It is also staring at a weekly decline of 4.4% as it continues to suffer the effects of the prevailing crypto winter and the implosion of FTX.

Crypto total market cap at $808 billion on the weekend chart | Featured image from CoinCu News, Chart: TradingView.com

Numisteamone

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