These crypto companies have just partnered with Fintech Unicorn Stripe for the Fiat-to-Crypto On-Ramp solution
Blockchain-based music streaming platform Audius, NFT marketplace Magic Eden and crypto wallet provider Argent, along with 13 other crypto projects, have partnered with Stripe to use its fiat-to-crypto on-ramp for instant crypto settlement.
In a blog post on Thursday, Stripe announced its built-in and customizable fiat-to-crypto onramp, which aims to facilitate fiat-to-crypto payments for companies in dozens of countries around the world.
The financial services company said that despite all the developments in the crypto sector, it is still quite difficult to get end users “on-chain” or fund their wallets with the crypto required to communicate with Web3 applications.
“Developers must contend with rampant fraud; navigate complex KYC requirements; and somehow still provide a seamless, high-converting payment experience so their users can actually use their Web3 applications,” the company said.
In an effort to solve this problem, Stripe announced its fiat-to-crypto onramp, which is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet or dApp and let Stripe handle all KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.
“For end users, the onramp is a seamless payment experience, optimized for conversion, that allows for instant settlement of crypto.”
Stripe described that users store their payment information with Link, a Level 1 certified PCI service provider, which enables a one-click payment experience on all future purchases on any Link-enabled Stripe surface.
A total of 16 crypto companies have already integrated Stripe’s onramp. Audius, a blockchain-based music streaming platform, is one of the crypto companies using the fiat-to-crypto ramp to enable musicians to monetize the platform.
“The industry was in dire need of a cheap, customizable crypto onramp, and we finally have the product we’ve been looking for,” said Forrest Browning, co-founder of Audius.
NFT marketplace Magic Eden and crypto wallet provider Argent are two other crypto initiatives currently using the onramp. Notably, 11 of the 16 projects using the onramp are built on the Solana blockchain.
Over the past year, Stripe has expanded its partnerships with a number of crypto companies. As reported, the payments giant partnered with NFT marketplace Nifty Gateway and FTX to onboard and KYC creators and allow them to accept payments for their work.
Stripe has also rolled out support for crypto payments to 67 countries, enabling companies to send USDC payments to people and businesses around the world.
