Stripe Launches Fiat-To-Crypto Onramp Product Aimed at Boosting Crypto Adoption in the US
Stripe, a leading financial infrastructure platform for businesses, has announced the launch of its first fiat-to-crypto onramp product.
The onramp, initially available to US-based customers, is designed to make purchasing cryptocurrency for customers of Web3 companies easier. According to Stripe, the new product aims at helping businesses willing to provide crypto and blockchain-enabled services but typically encountered onboarding difficulties in the past.
“Companies interested in offering cryptocurrency- and blockchain-enabled experiences often face a cold start problem: Their customers don’t have the crypto in their wallets to carry out transactions. Stripe’s onramp allows customers to purchase crypto at the precise moment they need it. They could purchase Ethereum, for example, and immediately use it to buy an NFT,” the firm noted in a Friday statement.
Meanwhile, following today’s announcement, Stripe now offers two implementation options for its onramp. The first one lets developers put a crypto purchasing widget on their website with only a few lines of code, while with the second one, businesses can direct their customers to the onramp on “crypto.link.com” without needing any code.
“With our onramp options, Web3 companies can now outsource a bunch of the very important but tricky pieces to Stripe—things like conversion and auth optimization, identity verification, fraud prevention, and so on,” said Guillaume Poncin, head of engineering for crypto at Stripe. “This allows companies to focus on what’s unique to their business and helps their customers start using Web3 services quickly and safely.”
Notably, the Stripe-hosted onramp is built for many of the use cases developed by Web3 companies around the globe, including Brave, Safe, 1inch, and Lens Protocol.
“We’re delighted to welcome Stripe into LensFrens to reduce payment friction and encourage content monetization,” said Lens Founder Stani Kulechov. “By adding this payment feature, users can easily collect their favourite content and back the creators they admire.”
As demand for crypto products skyrockets, Stripe has been positioning itself as a key player in the space, offering various solutions to help businesses easily accept and process cryptocurrency transactions. In the recent past, the Dublin-based firm has witnessed an uptick in crypto businesses utilizing its other products, including its global payout service using the USDC stablecoin.
That said, Friday’s announcement is a significant development that aims to address the adoption barrier faced by Web3 companies. By offering an easy and convenient way for US-based customers to purchase crypto, the US is likely to witness further crypto adoptions as products in the sector become more accessible to the general public.
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