Stripe Enters Web3 With a Tool to Help Businesses Convert Cash to Crypto

Payments giant Stripe enters into Web3

Stripe, a company that processes payments, announced a “fiat-to-crypto on-ramp” to facilitate easier payments for Web3 businesses.

According to a company blog post, the service will handle fraud, compliance, and know-your-customer (KYC) checks, making it possible for cryptocurrency businesses to offer dollar-to-cryptocurrency exchanges to their clients.

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This is big news because Stripe processes online transactions for huge companies like Apple and Walmart. The company’s entry into the crypto space may push forward the adoption of blockchain-based financial transactions.

According to Stripe, blockchain-based gaming companies can use their new widget to onboard players and allow them to add money to wallets.

Stripe also claims this will save customers of blockchain-based businesses time and energy by eliminating the need for them to create a cryptocurrency wallet and use a third-party exchange to acquire digital currency.

“Today, it is challenging to get end users ‘on the chain,’ that is, to fund their wallets with the crypto required to interface with Web3 applications,” Stripe wrote in a blog post.

If a customer uses Stripe’s Link service, they can save their billing and personal details for faster checkout the next time they shop.

The addition of Stripe, one of the largest payment processing companies in the world, to the Web3 ecosystem increases the potential customer pool for blockchain businesses.

According to Stripe, businesses such as NFT marketplace Magic Eden, crypto wallet provider Argent, and blockchain-based music streaming platform Audius are already utilizing the onramp.

The crypto industry has “had a rough few weeks,” the post lamented. Even with what has happened recently, we are still optimistic about the chances for innovation.