Onramp hosted on Stripe was built with Web3 companies in mind. It is designed to meet their diverse use cases.
Stripe, a provider of corporate financial infrastructure, has launched its paper-to-crypto onramp to make it easier for Web3 companies to help their US-based customers buy cryptocurrency. According to Thursday launch By the company, it also does an onramp for all Web3 users, including those on a waiting list.
Businesses offering crypto- and blockchain-enabled products or services often face internal challenges when potential customers do not have the cryptography required to perform transactions. Stripe’s onramp will now allow customers to buy cryptocurrency when they need it. For example, a user looking to buy an NFT can use onramp to buy Ethereum or Solana and immediately use it to buy an NFT.
The onramp can be implemented as a crypto-buying tool that developers can plug into their website or app with just 10 lines of code, or as an onramp hosted on Stripe at crypto.link.com, where companies can direct their US-based customers. The embeddable onramp option will be beneficial for crypto and blockchain-focused companies that want full control over their brand and customer experience, while the Stripe-hosted option provides an easier way for customers to use Web3-enabled products and services.
James Mudgett, Vice President of Web3 Products at Brave noted: “We are thrilled to be partnering with Stripe as they expand their encryption offering. We are excited to offer a cash out solution that will allow us to reach new Web3 users.”
onramp has built-in fraud prevention and identity verification tools to help businesses meet KYC and compliance requirements. It also improves conversion rates and authorization of transactions.
First-time users will only have to go through identity verification once and then add their payment information to their Link account. Link will store their payment details and use them for future payments at Link-enabled businesses.
Accelerate Web3 adoption by offering a variety of use cases
Onramp hosted on Stripe was built with Web3 companies in mind. It is designed to meet their diverse use cases. Some of the companies set to implement the onramp include the privacy-focused Brave browser, which is optimized for Web3 through the Brave Wallet. The wallet can be used to store digital assets and interact with decentralized applications (dApps). Brave Wallet users can soon buy crypto directly into their accounts using Stripe onramp.
Another Web3 company is Safe, a platform that helps users manage digital assets on Ethereum and EVM. Developers can now bridge the barrier between Web2 and Web3 by including Stripe’s onramp in dApps directly from the Safe {Core} SDK.
The 1 inch decentralized exchange pool will integrate Stripe onramp to allow users to easily and quickly start funding DeFi wallets.
The Lens Protocol, a decentralized social protocol that allows creators to monetize content, will use an onramp on the decentralized social network LensFrens to allow users to seamlessly monetize content while supporting their favorite Web3 creators within the Lens ecosystem.
“With our onramp options, Web3 companies can now outsource a host of very important but difficult pieces to Stripe — things like conversion, authentication optimization, identity verification, fraud prevention, etc. Guillaume Poncin, Head of Cryptographic Engineering at Stripe, said. This allows companies to focus on what is unique to their business, and helps their customers get started with Web3 services quickly and securely.
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Mercy Mutanya is a technology enthusiast, digital marketer, writer, and IT business student. She enjoys reading, writing, crossword puzzles, and watching her favorite TV series.