Following the FTX fiasco, the possibilities of the DeFi world have garnered a lot more attention than before. With the crypto crashes in the year 2022 alone, the market has been in a bearish scenario for a longer timeframe. However, that did not dim the innovations from the crypto creators. Starting from Ethereum completing its overdue Merge; the transition from its Proof of Work to Proof of Stake mechanism; to Polygon joining hands for more innovations to bring to the crypto community along with Cardano finally completing its Vasil hard fork.
Similar to the advancements in the crypto networks, Stripe, a payments firm, has debuted a project that will help in facilitating fiat-to-crypto payments for Web3 companies in dozens of countries around the world. As their understanding of the current scenario, the announcement mentioned, “Overall, we maintain fundamental optimism about how crypto can help to facilitate a more globally accessible financial services ecosystem.”
The new offering from Stripe is a customizable widget that can be embedded directly into various applications:
- a decentralized exchange or DEX
- non-fungible token (NFT) platform
- wallet, or
- decentralized app (dapp)
The widget is designed in such a way that it allows customers to instantly purchase crypto tokens in the Web3 apps. Stripe takes care of all the KYC, payments, fraud, and compliance bit of the exchanges. This removes the need to integrate multiple third-party services. Constant with the focus to keep the widget simple and a smooth developer experience, one can integrate the widget with just 10 lines of code, as mentioned in the announcement from Stripe.
For the end users, the onramp efforts from Stripe are to ensure a seamless checkout experience that is optimized for conversion. Thus, allowing for instant settlement of crypto. Since last year, Stripe has also worked on expanding its partnerships with various crypto companies in order to try and start offering more support for crypto payouts to 67 countries! This effort from Stripe has helped in enabling companies to send USDC payments to people and businesses across the world. Some of the notable partnerships are:
- Stripe’s partnership with Audius. It is a blockchain-based music streaming platform, that is making use of the onramp to enable musicians to earn revenue on the platform. Forrest Browning, co-founder of Audius said, “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.”
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The second notable handshake for stripe comes with Magic Eden. They use the onramp to facilitate seamless NFT purchases. Jack Lu, co-founder and CEO of Magic Eden says, “We want the whole world to experience the magic of NFTs. 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.”
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Another major project that uses Stripe’s offering is Argent. The platform uses the onramp to enable wallet holders to quickly top up with Ethereum. Itamar Lesuisse, CEO of Argent said, “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.“
- The other amazing project that uses Stripe’s services is Orca; a Solana-based decentralized exchange (DEX). The onramp built inside Orca using Stripe’s fiat-to-crypto systems will now be able for its users to make fiat purchases for tokens such as USDC and SOL.
Source: CoinDesk
Read more: Centralized vs Decentralized Finance
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