Blockchain for Banking News

Stripe rolls out crypto onramp


Yesterday payment tech firm Stripe announced it’s starting to roll out its cryptocurrency onramp, enabling web3 firms to embed a Stripe software widget that performs KYC and converts a user’s fiat currency to crypto.

So far, clients include music streaming platform Audius and NFT marketplace Magid Eden but generally targets NFT platforms such as these, decentralized exchanges (DEXs), wallets or dApps. Currently, the service is only available in the US by invitation.

This is Stripe’s latest and most substantial cryptocurrency offering. It already supported NFT marketplaces through a partnership in March that enabled creators to accept payments on Nifty Gateway. That may have been in preparation for the rollout of this embeddable solution. In April, Twitter creators were able to start accepting the USDC stablecoin in April.

Stripe’s offering is based on APIs provided by ZeroHash, a company that, like Stripe, provides B2B2C services.

The major card companies, such as Visa and Mastercard, were quick to support cryptocurrency. In the last quarter of 2021, Visa processed $2.5 billion in crypto transactions.

Several specialist startups provide crypto onramp services, such as Ramp, which last month raised a $70 million funding round led by UAE sovereign fund Mubadala Capital.

Image Copyright: Stripe