Stripe Extends Fiat-To-Crypto Payments To Web3 Companies

Stripe announced the launch of a project to facilitate fiat-to-crypto payments for businesses in dozens of countries worldwide.

Stripe’s API connection implies that users will be able to make fiat purchases of crypto immediately on the platforms rather than having to travel offsite to convert assets into crypto before completing transactions.

According to the blog, the onramp is a customizable widget that developers can integrate straight into their decentralized exchange, NFT platform, wallet, or dApp. Stripe handles all KYC, payments, fraud, and compliance, eliminating the need for several third-party systems to be integrated.

Through a new cooperation with financial behemoth Stripe, several Web3 companies are making it easier to utilize their services.

The initial partners are Solana-based NFT platform Magic Eden, blockchain music streaming company Audius, and wallet service Argent. The program also includes Web3 DEX Orca, blockchain gaming startup Fractal, and wallet provider Backpack.

Stripe has also increased its connections with cryptocurrency firms over the last year, now supporting crypto payouts in 67 countries and allowing enterprises to send USDC payments to people and businesses worldwide.

Stripe is a San Francisco-based company that provides digital infrastructure services to digital businesses. Its primary offering is an online payment platform that allows companies to participate in e-commerce. Built on top of that platform are applications for revenue management, billing, financing acquisition, and fraud protection.

Among the company customers are tech titans such as Amazon, Google, Salesforce, and Spotify, and the company is expanding its services to entrepreneurs in developing nations. Stripe launched in 2011, the brainchild of two brothers from the small town of Dromineer, Ireland. Since then it has grown to over 2,500 employees in 14 offices globally.

In October 2020, the company introduced Stripe Climate, a tool that allows companies processing payments through the company to automatically route a percentage of each transaction to carbon reduction initiatives it has invested in.

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