Stripe, a payment processing company based in the US and Ireland, recently ventured into the world of Web3 with the launch of a new service. To help crypto companies process payments, Stripe has announced the launch of a ‘fiat-to-crypto’ service that allows users to exchange their dollars for crypto. Additionally, the service will also task Stripe with handling KYC checks and compliance parameters for its crypto-centric user base. Launched in 2010, Stripe is estimated to have two million customers worldwide.
Striped, in one official blog postadmitted that they are diving into crypto services despite the ongoing market turmoil in the belief that the market will soon stabilize.
“Our fiat-to-crypto onramp is a customizable widget that developers can embed directly in DEX, NFT platform, purseor dApp. Stripe handles all KYC, payments, fraud and compliance, eliminating the need to integrate multiple third-party services,” the company said in its post. “Overall, we maintain fundamental optimism about how cryptocurrencies can help facilitate a more accessible global financial services ecosystem.”
Stripe has been experimenting with Cryptocurrency field for several years now.
Last November, the company established a team dedicated to researching the crypto space and exploring web3 area.
Around the same time, the company invited Matt Huang, co-founder of crypto-focused venture capital firm Paradigm, to become a member of the company’s board of directors.
The company aspires to make its operations seem secure for those who want to try the crypto space by simplifying the processes.
“Today, it is extremely difficult to get end users ‘on-chain’—that is, funding their wallets with the cryptocurrency needed to communicate with Web3 applications. Launching onramp, we’re building on years of experience to optimize conversions, enable custom checkouts, reduce fraud, and process KYC for the millions of companies building on Stripe,” the post noted.
The service is currently rolling out in the United States and will gradually expand to other regions of operation.
Audiusa blockchain-based music streaming platform and wonderful garden of paradise NFT platform, has started using Stripe’s fiat payment solution.
The company first started to enter the crypto space in 2018 when it started accepting payments in Bitcoin. However, the practice was short-lived.
