Payments giants such as Stripe are still keen on crypto despite this year’s brutal bear market. The company has just announced services to allow companies to turn cash into crypto.
On Dec. 1, payments giant Stripe announced an embeddable and customizable fiat-to-crypto onramp.
The new service will allow companies to enable their customers to exchange fiat for crypto. Furthermore, it also includes know-your-customer (KYC) provisions, compliance, and fraud prevention.
The firm remains bullish on crypto despite the tumultuous market conditions and contagions this year. In a company blog post, it stated:
“Overall, we maintain fundamental optimism about how crypto can help to facilitate a more globally accessible financial services ecosystem.”
Stripe Venturing Into Web3
The San Francisco-headquartered company is a huge player in the online payments industry. It processes online purchases for the likes of Apple and Walmart, among others. Stripe has rolled out support for crypto payouts to 67 countries. Its latest move is a step towards bringing crypto to the mainstream.
The new crypto onramp is described as a “customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.”
Stripe handles all of the regulatory compliance issues, such as KYC verification, making it easier for companies.
The onramp is a seamless checkout experience optimized for conversion. It allows for instant settlement of crypto.
Stripe used blockchain-based gaming companies as an example of where the widget could be integrated. They would be able to onboard players and let them add money to their wallets.
Jack Lu, co-founder, and CEO of Magic Eden, which uses the system, said he wanted to onboard more NFT collectors:
“That’s why we are excited to work with Stripe to debut a fiat payment solution that will allow us to reach new Web3 users.”
Stripe already has a number of partners using the fiat-to-crypto on-ramp. These include Argent, Audius, Glow, MyEtherWallet, Niftys, Spot, and Venly.
Argent CEO Itamar Lesuisse commented, “this is a big step toward removing barriers between traditional and decentralized finance.”
Innovating in Difficult Times
The company acknowledged that it had been a difficult few weeks in the crypto ecosystem. “However, despite recent events, we remain excited about the underlying prospects for innovation,” it added.
In May, the firm announced that it would offer Bitcoin payment options to its users.
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