Stripe launches fiat-to-crypto payment service for Web3 apps

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Stripe launches fiat-to-crypto payment service for Web3 apps

By Onose Enaholo - min read
Updated 26 January 2023

According to a statement released on Thursday, Dec. 1, 2022, payment processor Stripe has launched a fiat-to-crypto payment service for Web3 businesses.

KEY TAKEAWAYS

  • The fiat-to-crypto service will allow customers to instantly buy cryptocurrencies in Web3 apps.
  • The services offer an easy Fiat-to-Crypto onramp.
  • The new Stripe product is in form of a customizable widget that can be integrated into Web3 apps/platforms.

Web3 application developers will be able to customize and integrate the new Stripe widget into decentralized exchanges (DEXs), non-fungible token (NFT) platforms, crypto wallets, and other decentralized apps (DApp). This will allow customers to instantly buy cryptocurrencies in the Web3 applications.

According to Stripe, the new product offers flexible on-ramping services and manages know-your-customer (KYC) payments and compliance challenges. According to Stripe, the new product was designed to eliminate complications.

Increased Stripe partnerships

Since last year, Stripe has ramped up the number of crypto firm partnerships as more and more nations enable cryptocurrency payments.

USDC has been one of the cryptocurrencies that have received high adoption with corporations now being able to transfer USDC payments to individuals and organizations worldwide.

One of the recent Stripe partnerships is its partnership with the decentralized music discovery network Audius, making Audius one of the first companies to use Stripe’s new on-ramp. Audius announced that it accepted Stripe’s payment solution to allow users to use their credit cards to purchase their native AUDIO coin and tip their favourite musicians.