The payment giant Stripe is advancing a little further in Web3
Despite a complicated market context, cryptocurrencies continue to attract and innovation continues. The American payment giant, Stripe, has just announced its “fiat to crypto launch pad” whose ambition is to facilitate payments for Web3 companies.
Stripe makes crypto payments easy
A breath of fresh air in this very gloomy market context, to put it mildly. the payment giant Stripe announced on Thursday the launch of a long-awaited feature. Described as a “fiat-to-crypto launch pad”the objective is to simplify payments for Web3 companies.
Introducing a customizable and embeddable fiat-crypto on-ramp: https://t.co/YNUdv6R9PE. pic.twitter.com/raZ50juvxi
— Band (@band) December 1, 2022
In a nutshell, application developers in the blockchain industry could avail of this service to enable their customers to transform their fiat currencies (mostly dollars for now) in cryptocurrencies. But that’s not all, it will also handle fraud, compliance and know-your-customer (KYC) checks.
For end users, this access ramp will offer a more fluid, transparent and optimized payment experience for instant settlement in cryptos. All you have to do is register your personal and payment information on Link in order to pay in one click on all other Stripe-compatible sites.
For the moment, nothing has been communicated as to the fees applied by Stripe. However, it is possible to see on the presentation video that a payment of 100 USDC will incur a fee of 4.99 dollarswhich may seem quite high:
Example of payment fees on Stripe
As of this writing, this fiat-to-crypto payment ramp service developed by Stripe is already used by some Web3 companies. The press release mentions in particular the streaming platform Audiusthe NFT marketplace magic edenthe digital wallet silver x and a dozen other companies.
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A major Web3 problem
In its press release, Stripe explains that this solution addresses a real problem in the web3 industry. Indeed, the blockchain gives access to extremely powerful functionalities, such as the storage or transfer of money, proof of possession of a property, identity verification, and many others.
Nevertheless, “one of the most basic needs for a developer is not developing enough”. Indeed, there is no way to make interfaces easier to use between Web3 applications and the real world. As a result, payment methods are complicated to understand and it is difficult to attract new users.
This is therefore, in a nutshell, the ambition of Stripe. This initiative is important, as Stripe is a giant in the world of paymentsprocessing online purchases for businesses like Apple and Walmart. Its entry into the world of cryptocurrency could help democratize blockchain payments.
👉 On the same theme – Circle: USDC issuer partners with Apple Pay to expand its payment solutions
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