Payment Firm Stripe Launches Fiat-to-Crypto On-Ramp

Payment Firm Stripe Launches Fiat-to-Crypto On-Ramp

Stripe's fiat-to-crypto on-ramp allows customers to buy crypto instantly while using Web3 apps.

Stripe, an Irish-American financial services and software firm established in 2010, has launched a fiat-to-crypto on-ramp.

According to the blog post shared on December 1st, the on-ramp allows users to exchange dollars for the cryptocurrency of their choice.

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The newest transaction solution is a customizable and embeddable widget, which can be installed in various decentralized finance (DeFi) platforms, wallets, non-fungible token (NFT) platforms or decentralized apps (dApps). Moreover, it allows users to buy crypto directly in Web3 apps. In the blog post, the company noted:

We built our fiat-to-crypto onramp to remove <logistical> complexity.

It is worth noting that the fiat-to-crypto on-ramp is available on 16 projects, including blockchain-based music streaming platform Audius, NFT marketplace Magic Eden and crypto wallet Argent.

When talking about the partnership with Stripe, Audius co-founder Forrest Browning, noted:

We’re incredibly excited to introduce monetization into our product with the use of Stripe’s onramp. The industry was in dire need of a cheap, customizable crypto onramp, and we finally have the product we’re looking for.

Based on the blog post, by using Stripe on-ramp platforms won’t need to hire multiple third-party services as Stripe handles all subjects, including know-your-customer (KYC), fraud, payments and compliance.

On the other hand, by integrating Stripe’s on-ramp on their platform, companies allow users to have “a seamless checkout experience, optimized for conversion, allowing for instant settlement of crypto.”

In the blog post, Argent CEO Itamar Lesuisse stated:

This is a big step toward removing barriers between traditional and decentralized finance. We’re excited to bring Stripe’s world-class payments infrastructure and user experience to our customers.

In 2022, Stripe started offering crypto payouts in 67 countries and enabled various companies to send USDC payments to people and businesses around the world.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree