Stripe Launches ‘Fiat to Crypto’ Service to Help Web3 Companies Drive Payments
Stripe, a payment processing company based in the US and Ireland, has recently entered the Web3 world with the launch of a new service. To help crypto firms process payments, Stripe has announced the launch of a ‘fiat-to-crypto’ service that will allow users to exchange their dollars for cryptocurrency. In addition, the service will also serve Stripe by managing KYC checks and compliance parameters for its crypto-centric userbase. Launched in 2010, Stripe reportedly has two million customers worldwide.
The stripe official blog postthey have admitted that they are getting into crypto services despite the ongoing market turmoil with the belief that the market will stabilize soon.
“Our fiat-to-crypto onramp is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp. Stripe handles all KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services,” the company said in its post. “
Stripe has been experimenting with the crypto sector for a few years now.
Last November, the company established a team dedicated to researching the crypto space and exploring the Web3 sector.
At the same time, the company brought in Matt Huang, the founder of crypto-focused venture capital firm Paradigm, to be part of the board of directors.
The company wishes to make its operations seem safer to people who want to try the crypto sector by simplifying the processes.
“Today, it’s very difficult to get end users ‘on-chain’—that is, to fund their wallets with the crypto needed to run Web3 applications. Introducing onramp, building on years of experience improving conversions, enabling custom checkout, reducing fraud, and managing KYC for the millions of companies building on Stripe,” the post noted.
The service is currently rolling out in the US, and will gradually expand to other regions.
Audius, a blockchain-powered music streaming platform and Magic Eden NFT platform, has already started using Stripe’s Fiat payment solution.
This company first entered the crypto sector in 2018 when it started accepting Bitcoin payments. However, this trend was temporary.