Fintech Giant Stripe Launches On-Ramp Crypto Service
Irish-American financial technology company Stripe announced launch of a Stripe-hosted fiat-to-crypto onramp. This solution will improve the ease of purchasing cryptocurrencies for customers in the United States. It is also a breakthrough for Web 3.0 companies that have had a cold start problem.
Generally, Stripe is designed to facilitate fiat acceptance globally for crypto-related companies and in turn help them expand their offerings. It goes as far as accepting stablecoins like USDC for easy payouts. Hence the widespread adoption of the company’s product by any crypto organization.
With Stripe products, crypto firms can run a streamlined onboarding process and reduce exposure to fraud.
Fintech companies seek to surpass crypto exchanges
Stripe joins the competition with other fintech giants such as MoonPay, Transak and Simplex that allow you to buy cryptocurrency right when you need them.
Web 3.0 users can decide to buy Ethereum (ETH) for an instant purchase of a Non-fungible token (NFT) without delay. This is completely different from what is available on various crypto exchanges that only allow external transfer of crypto after several business days.
Most times, these digital asset service providers wait for the deposit to be removed, especially when using a connected banking method. Henceforth, Web 3.0 companies have the option to either redirect their users to buy crypto on the Stripe-hosted onramp or customize their crypto buy widget on their official website. The second option, which is a sort of built-in on-ramp, was announced in December 2022.
If Web 3.0 companies decide to redirect their users to crypto.link.com, no code is required, but the built-in onramp requires 10 lines of code. James Mudgett, Vice President of Web3.0 Products at Brave said “We’re excited to partner with Stripe as they expand their offerings in the crypto space. We’re excited to offer a fiat payment solution that allows us to reach new Web3 users.”
Fintech companies are gradually making a strategic impact in the crypto space. A few days ago, digital bank Revolut extended its service to Brazil marks its first foray into the Latin America region. PayPal also recently introduced a new feature that allows users to transfer crypto between the platform and other wallets.
