Stripe offers fiat-to-crypto to web3 businesses

Financial services giant, Stripe, now offers web3 businesses a fiat-to-crypto onramp feature to seamlessly buy with fiat directly on the platform.

A customizable onramp presented by Stripe can go live on any web3 application involved in paying with crypto, whether it’s an NFT marketplace, a decentralized exchange, or a non-custodial wallet. Stipe explained the rolling out of a new feature by it supporting web3 businesses:

Today, it’s extremely difficult to get end users “on chain”—that is, to fund their wallets with the crypto required to interface with Web3 applications. Developers have to wrestle with rampant fraud; navigate complex KYC requirements; and somehow still offer a seamless, high-conversion payments experience so that their users can actually use their Web3 applications.

We built our fiat-to-crypto onramp to remove this complexity. Stripe handles all the KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.

Over the past year, Stripe has rolled out support for cryptocurrency payments in 67 countries, allowing platforms like Braintrust to pay USDC to contractors worldwide. Stipe also partnered with such companies as embattled FTX and FTX.US, an NFT marketplace Nifty Gateway, and crypto exchange Blockhain.com to provide businesses with the ability to pay for digital assets in fiat.

After the announcement presented in the Stipe blog post on Dec 1, the company revealed 16 new enrollees, 10 of which are Solana-based applications.

In this list, for example, appears the NFT marketplace Magic Eden. Jack Lu, co-founder and CEO of Magic Eden, shares excitement about the new partnership:

 We want the whole world to experience the magic of NFTs. That’s why we are excited to work with Stripe to debut a fiat payment solution that will allow us to reach new Web3 users.