Irish-American financial technology company Stripe announced the launch of a Stripe-hosted fiat-to-crypto onramp. This solution will enhance the easy purchase of cryptocurrencies for customers in the United States. Also, it is a breakthrough for Web 3.0 companies that have been having a cold start problem.
Ordinarily, Stripe is designed to facilitate fiat acceptance globally for crypto-related companies and in turn, help them expand their offerings. It goes as far as accepting stablecoin like USDC for simple payouts. Hence, the rampant adoption of the company’s product by any crypto organization.
With Stripe products, crypto firms can operate a streamlined onboarding process and reduce their exposure to fraud.
Today Stripe launched a crypto onramp.
This is low-key a HUGE deal.
I’ve spoken with several Fortune 500s who have fully built crypto strategies but haven’t launched yet because they don’t have a trusted brand to handle the onramp and the wallet.
Stripe just solved the onramp. pic.twitter.com/hPst39VkA5
— Yano 🟪 (@JasonYanowitz) May 5, 2023
Fintech Companies Seek to Outdo Crypto Exchanges
Stripe is joining the competition with other fintech giants like MoonPay, Transak, and Simplex which allows you to purchase cryptocurrencies exactly when you need them.
Web 3.0 users can decide to buy Ethereum (ETH) for an immediate purchase of a Non-fungible token (NFT) without any delay. This is entirely different from what is obtainable on various crypto exchanges that only permit the external transfer of crypto after several working days.
Most times, these digital asset service providers wait for the deposit to clear, especially when one is using a linked banking method. Henceforth Web 3.0 companies have the option of either redirecting their users to purchase crypto on the Stripe-hosted onramp or customising their crypto-purchasing widget on their official website. The second option, which is sort of an embedded on-ramp, was announced in December 2022.
If Web 3.0 companies decide to redirect their users to crypto.link.com, no code will be required but the embedded on-ramp requires 10 lines of code. James Mudgett, vice president of Web3.0 products at Brave said “We’re thrilled to partner with Stripe as they expand their offerings in the crypto space. We’re excited to offer a fiat payment solution that will allow us to reach new Web3 users.”
Fintech companies are gradually making a strategic impact in the crypto space. A few days ago, digital bank Revolut expanded its service to Brazil marking its first foray to the Latin America region. PayPal also recently introduced a new feature which allows users to transfer crypto between the platform and other wallets.
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