Stripe Debuts Fiat-to-Crypto Payment Offering for Web3 Businesses
Payments firm Stripe has debuted a project to facilitate fiat-to-crypto payments for companies in dozens of countries around the world, the company said Thursday.
The offering, a customizable widget that can be embedded directly into a decentralized exchange (DEX), non-fungible token (NFT) platform, wallet or decentralized app (dapp), is designed to allow customers to instantly purchase cryptocurrencies in Web3 apps. Eleven of the company's initial 16 projects are built on Solana. Stripe said it offers customizable on-ramping services and handles know-your-customer (KYC), payments, fraud and compliance issues.
"We built our fiat-to-crypto onramp to remove [logistical] complexity," the company wrote in a blog post.
Over the past year, Stripe has expanded its partnerships with crypto companies, offering more support for crypto payouts to 67 countries, enabling companies to send USDC payments to people and businesses across the world.
One of the initial projects to use Stripe’s new on-ramp is Audius, the decentralized music discovery platform, which said it has adopted Stripe's payments offering to enable users to use their credit cards to purchase its native AUDIO token to tip their favorite artists. The platform took a first step in July toward allowing users to tip artists using digital currencies by enabling them to tip content creators with AUDIO they had earned on the platform.
Another project that is using Stripe’s widget is Solana-based decentralized exchange Orca. Users will now be able to make fiat purchases for tokens such as USDC and SOL via an on-ramp built inside Orca.