Stripe Customers can now use crypto to engage with businesses and content creators.
Prominent fintech company Stripe has launched a customizable fiat-to-crypto on-ramp payment solution for companies. The fiat-to-crypto solution is a customizable widget that can be embedded directly into the non-fungible token (NFT) platforms, decentralized exchanges (DEX), and apps.
Notably, the initiative is part of an effort to make decentralized finance more accessible to users, especially now that centralized exchanges are under immense scrutiny following the collapse of FTX. Through Swipe’s fiat-to-crypto solution, crypto companies can enable their customers to exchange dollars for crypto.
“We built our fiat-to-crypto on-ramp to remove this complexity. The on-ramp is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.” Stripe noted in a blog post.
Per the announcement, Stripe said it would handle all know-your-customer (KYC), compliance, and payment issues, thus eliminating the need to integrate multiple third-party services.
“Stripe handles all the KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.”
Solana-based automated market maker (AMM), Orca, NFT marketplace Magic Eden, decentralized music discovery platform Audius, and social NFT platform Nifty have started using Swipe’s fiat-to-crypto on-ramp widget.
The new service will initially be available to U.S. customers, putting Stripe in competition with a non-custodial exchange, Kado.
Stripe Facilitating Crypto Payments
Stripe has played an integral role in facilitating crypto payouts to various countries. The U.S.-based payment processing firm allows companies and individuals to send USDC payments globally. TheCryptoBasic reported in April that Stripe leveraged Ethereum Layer-2 scaling solution, Polygon, to enable Twitter creators to receive USDC payments.
“Creators on Twitter will be able to receive payments initially in the stablecoin USD Coin. The payouts across the Stripe Connect platform will be made using Polygon,” the company noted.