Stripe, the payment giant, has announced the launch of a fiat-to-crypto onramp to make the process of enabling US-based customers to purchase cryptocurrency, easier for Web3 companies.
The onramp will also be available to all Web3 users, and not just limited to those who have joined the waitlist in the past few months.
- The onramp, whether hosted by Stripe or embedded on a company’s website, will focus on improving conversion and authorisation rates, making it more likely for legitimate purchases to be completed.
- The new offering comes with built-in fraud tools and identity verification to help businesses meet KYC and compliance checks, necessary to prevent manipulation and fraud.
- James Mudgett, Vice President of Web3 Products at Brave, commented, saying,
“We’re excited to partner with Stripe as they expand their offerings in the crypto space. We look forward to providing a fiat payment solution that will allow us to broaden our reach to new Web3 users.”
- Stripe’s latest offering follows the release of a fiat-to-crypto widget in December, which can be integrated into any crypto product, allowing users to enter their card information and purchase cryptocurrency to be used in other Web3 products.
- Earlier this year, Stripe revealed that it had signed agreements to raise over $6.5 billion at a $50 billion valuation with investors such as GIC, Goldman Sachs Asset and Wealth Management and Temasek, as well as existing shareholders Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital.
- The company had previously stated that the proceeds would be used for employee liquidity and did not require the capital to run its business.
