Payment giant Stripe announced the launch of a fiat-to-crypto onramp to streamline process the for Web3 companies to enable US-based customers to purchase crypto.
The company will also be opening the onramp to all Web3 users, in addition to the ones who joined the waitlist over the last few months.
- The onramp, whether embedded on a company’s site or hosted by Stripe, focuses on optimizing conversion and authorization rates. Such a mechanism in place makes it more likely that legitimate purchases go through.
- The new offering includes built-in fraud tools and identity verification to support companies in meeting KYC and compliance checks necessary to prevent manipulation and fraud.
- Commenting on the latest development, James Mudgett, vice president of Web3 products at Brave, stated,
“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 latest offering follows December’s release of a fiat-to-crypto widget that can be embedded in any crypto product allowing users to enter their card information and acquire crypto that can be used in another web3 product.
- Earlier this year, Stripe revealed signing agreements to raise more than $6.5 billion at a valuation of $50 billion with existing shareholders Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital, as well as new investors GIC, Goldman Sachs Asset and Wealth Management and Temasek.
- The company had previously stated that the proceeds would be deployed to employee liquidity and does not need the capital to run its business.
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