Stripe has announced the launch of a new hosted fiat-to-crypto onramp that will make it easier for Web3 companies to allow US-based customers to purchase cryptocurrencies. The platform’s new offering aims to address the cold start problem many companies face, where customers lack the necessary cryptocurrency in their wallets to carry out transactions. Stripe’s new onramp allows customers to purchase cryptocurrency at the moment they need it, enabling them to purchase Ethereum, for example, and immediately use it to buy an NFT.
The hosted onramp will also help Web3 companies accelerate their adoption by offering two implementation options: an embeddable onramp and a Stripe-hosted onramp at crypto.link.com. The embeddable onramp is customizable and offers a personalized customer experience, while the Stripe-hosted onramp provides an easy way for users to get started without any coding requirements. The new offering also includes built-in fraud tools and identity verification to support KYC and compliance requirements.
Stripe’s onramp has already been integrated by several Web3 companies, including Brave, Safe, 1inch, and Lens Protocol, enabling their users to collect content, support creators, and fund their DeFi wallets easily and securely. Stripe’s global infrastructure also helps businesses to expand and accept fiat globally, facilitate easy crypto payouts (using USDC), and reduce fraud. According to Guillaume Poncin, the head of engineering for crypto at Stripe, the onramp options provided by the company allow Web3 companies to concentrate on their specific business goals, while Stripe handles the challenging aspects of payments and crypto transactions.