Fintech Giant Stripe partners with Magic Eden, other web3-based firms for Crypto On-Ramp
The partnership will see more Web 3.0 companies get more uses and increase the usability of their products and services.
Fintech giant Stripe has entered into several partnerships with various web 3.0-focused firms to make the purchase of crypto easily accessible. The financial company shared the announcement via a blog post dated Dec. 1 in hopes of removing the complexity that typically comes with fiat-to-crypto conversions on various platforms. The first of their new partners is the blockchain-based music streaming platform Audius. Stripe also confirms that it is partnering with Solana-based NFT marketplace Magic Eden and several other firms across the crypto ecosystem.
Stripe names crypto partners
Apart from Audius and Magic Eden, Stripe’s API program will also include wallet providers Argent and Backpack, blockchain gaming company Fractal and Orca – a Web3 decentralized exchange (DEX). The implication of this is that customers on one of these platforms can now buy crypto directly without having to leave their websites. Although, according to Stripe, that’s because the onramp must have been built directly into the NFT platform, DEX, wallet provider or dApp.
Interestingly, Stripe also considered the burden of having to integrate multiple third parties. To accommodate this, it will address the management of everything bordering on payments, KYC, fraud and compliance.
In the meantime, some of the partners have also taken the opportunity to share their excitement about the collaboration. For example, Magic Eden CEO Jack Lu, who is keen to expand the platform’s reach, believes this would be a perfect opportunity. He said in part:
“…We are excited to work with Stripe to debut a fiat payment solution that will allow us to reach new Web3 users.”
Argent CEO, Itamar Lesuisse, also had a few things to say. He said the partnership will go a long way to remove the barriers that exist between traditional and decentralized finance.
Intensification of Web3.0 Push
It might also be worth mentioning that this isn’t Stripe’s first push towards Web 3.0. In March, it partnered with some web3 companies, in what was its first major crypto move. This was after it first announced its intentions to build a crypto-focused engineering team in October 2021.
The firm also recently completed a $600 million Series H financing, and is now valued at $95 billion.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He is a reader, a researcher, a wise speaker, and also a budding entrepreneur. Aside from crypto, Mayowa’s imagined distractions include soccer or discussing world politics.
