Financial infrastructure platform Stripe has launched fiat-to-crypto onramp on its platform. The new feature will allow Web3 customers to purchase crypto.
The onramp can be hosted by stripe or embedded on a company’s site. It’s designed for maximum conversion and authorization rates that ensure legitimate purchases is smooth and successful. Now any stripe users will have access to onramps, both embedded and stripe-hosted. It features identification and other tools to support companies meet KYC and compliance obligations.
“Companies interested in offering cryptocurrency- and blockchain-enabled experiences often face a cold start problem: Their customers don’t have the crypto in their wallets to carry out transactions. Stripe’s onramp allows customers to purchase crypto at the precise moment they need it. They could purchase Ethereum, for example, and immediately use it to buy an NFT, Stripe said in a statement.
It further said that a growing number of crypto companies are subscribing to Stripe products, thanks to its global infrastructure which makes it easy for businesses to accept fiat payments globally. It also ensures easy onboarding, lowering fraud, and enabling easy payouts through USDC.
“With our onramp options, Web3 companies can now outsource a bunch of the very important but tricky pieces to Stripe—things like conversion and auth optimization, identity verification, fraud prevention, and so on. This allows companies to focus on what’s unique to their business, and helps their customers start using Web3 services quickly and safely,” said Guillaume Poncin, head of engineering for crypto at Stripe.
