Blockchain-based music streaming platform Audius, NFT marketplace Magic Eden, and crypto wallet provider Argent, along with 13 other crypto projects have partnered with Stripe to use its fiat-to-crypto on-ramp for instant settlement of crypto.
In a Thursday blog post, Stripe announced its embeddable and customizable fiat-to-crypto onramp, which is aimed to facilitate fiat-to-crypto payments for companies in dozens of countries around the world.
The financial services company said despite all the developments in the crypto sector, it is still pretty difficult to get end users “on chain” or fund their wallets with the crypto required to interface with Web3 applications.
“Developers have to wrestle with rampant fraud; navigate complex KYC requirements; and somehow still offer a seamless, high-conversion payments experience so that their users can actually use their Web3 applications,” the company said.
In a bid to address this issue, Stripe announced its fiat-to-crypto onramp, which is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp and let Stripe handle all the KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.
“For end users, the onramp is a seamless checkout experience, optimized for conversion, allowing for instant settlement of crypto.”
Stripe detailed that users save their payment information to Link, a certified PCI Service Provider Level 1, enabling a one-click checkout experience on all future purchases across any Link-enabled Stripe surface.
A total of 16 crypto companies have already integrated Stripe’s onramp. Audius, a blockchain-based music streaming platform, is one of the crypto companies using the fiat-to-crypto onramp to enable musicians to earn revenue on the platform.
“The industry was in dire need of a cheap, customizable crypto onramp, and we finally have the product we’re looking for,” said Forrest Browning, co-founder of Audius.
NFT marketplace Magic Eden and crypto wallet provider Argent are two other crypto initiatives that currently use the onramp. Notably, 11 of the 16 projects using the onramp are built on the Solana blockchain.
Over the past year, Stripe has expanded its partnerships with a number of crypto companies. As reported, the payments giant partnered with NFT marketplace Nifty Gateway and FTX to onboard and KYC creators and allow them to accept payments for their work.
Stripe has also rolled out support for crypto payouts to 67 countries, enabling companies to send USDC payments to people and businesses across the world.