The Stripe-hosted onramp was created with Web3 companies in mind. It is designed to cater to their varied use cases.
Stripe, a financial infrastructure provider for businesses, has launched a fiat-to-crypto onramp to make it easier for Web3 companies to help their US-based clients to buy cryptocurrency. According to a Thursday release by the firm, it is also making the onramp to all Web3 users, including those on the waitlist.
Businesses that provide crypto and blockchain-enabled products or services often face onboarding challenges when potential customers do not own the crypto required to perform transactions. Stripe’s onramp will now allow customers to buy crypto when they need it. For example, a user looking to buy an NFT can use the onramp to purchase Ethereum or Solana and immediately use it to buy the NFT.
The onramp can be implemented as a crypto-purchasing widget that developers can insert into their website or app using just 10 lines of code or as a Stripe-hosted onramp at crypto.link.com, to which companies can direct their US-based clients. The embeddable onramp option will be helpful for crypto and blockchain-focused companies that want to have complete control of their branding and customer experience, while the Stripe-hosted option provides an easier way for customers to use Web3-enabled products and services.
James Mudgett, vice president of Web3 products at Brave noted: “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.”
The onramp has built-in fraud prevention and identity verification tools to help companies meet KYC and compliance requirements. It also optimizes conversion and authorization rates for transactions.
First-time users will have to go through identity verification only once and add then add their payment information to a Link account. Link will store their payment details and use them for future payments at Link-enabled businesses.
Accelerating Web3 Adoption by Introducing a Variety of Use Cases
The Stripe-hosted onramp was created with Web3 companies in mind. It is designed to cater to their varied use cases. Some of the companies set to implement the onramp include the privacy-focused browser Brave which is Web3-optimized through its self-custody Brave Wallet. The wallet can be used to store digital assets and interact with decentralized applications (dApps). Brave Wallet users can soon buy crypto directly into their accounts using the Stripe onramp.
Another Web3 company is Safe, a platform that helps users manage digital assets on Ethereum and the EVM. Developers can now bridge the barrier between Web2 and Web3 by embedding Stripe’s onramp in their dApps directly from the Safe{Core} SDK.
Decentralized exchange aggregator 1inch will integrate the Stripe onramp to let users easily and quickly start funding their DeFi wallet.
Lens Protocol, a decentralized social protocol that allows creators to monetize content, will use the onramp on the decentralized social network LensFrens to allow users to collect content smoothly while supporting their favorite Web3 creators within the Lens ecosystem.
“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. This allows companies to focus on what’s unique to their business, and helps their customers start using Web3 services quickly and safely,” said Guillaume Poncin, head of engineering for crypto at Stripe.
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
