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Payment leader Stripe has unveiled a fiat-to-crypto onramp designed to simplify the process for Web3 companies, enabling customers in the US to buy cryptocurrency.
The firm will also make the onramp accessible to all Web3 users, in addition to those who have been on the waitlist for the past few months.
- The onramp, whether integrated into a company’s website or hosted by Stripe, aims to enhance conversion and authorization rates. This mechanism increases the likelihood that legitimate transactions are successfully completed.
- The new service features integrated fraud prevention tools and identity verification to assist companies in fulfilling KYC and compliance requirements necessary to avert manipulation and fraud.
- Regarding this recent advancement, James Mudgett, vice president of Web3 products at Brave, remarked,
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“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.”
- This latest offering follows the launch of a fiat-to-crypto widget in December, which can be embedded in any crypto product, enabling users to input their card details and acquire cryptocurrency for use in another Web3 product.
- Earlier this year, Stripe announced it had secured agreements to raise over $6.5 billion at a valuation of $50 billion with existing investors including Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, along with new backers GIC, Goldman Sachs Asset and Wealth Management, and Temasek.
- The company previously indicated that the funds would be utilized for employee liquidity and that it does not require the capital for operational purposes.
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