Stripe Launches Fiat-to-Crypto Onramp With New Hosted Option
Stripe, a leading payment platform, has introduced a new feature that allows US-based customers to buy cryptocurrencies easily by converting fiat currency to crypto. This feature is specifically designed for Web3 companies and is intended to simplify the purchasing process.
Additionally, Stripe is extending this feature to all Web3 users, including those who previously signed up for the waitlist. The onramp, which can be embedded in a company’s website or hosted by Stripe, has been optimized to enhance conversion and authorization rates.
This approach makes it more probable that legitimate purchases will be successfully completed. The onramp comes with integrated fraud tools and identity verification features to help companies comply with KYC and other compliance requirements to prevent fraud and manipulation.
We’re thrilled to partner with Stripe as they expand their offerings in the crypto space. We’re excited to offer a fiat payment solution that will allow us to reach new Web3 users.
James Mudgett, vice president of Web3 products at Brave
In December of last year, Stripe launched a widget that enables users to purchase cryptocurrencies by entering their card information. This widget can be embedded in any crypto product and allows users to acquire crypto that can be utilized in another Web3 product.
Earlier this year, Stripe announced that it had secured over $6.5 billion in funding from a variety of investors, including Goldman Sachs Asset and Wealth Management, GIC, and Temasek, as well as existing investors such as Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital. Stripe had previously stated that the funds would be utilized to provide employee liquidity and that the company does not require the capital to operate.
About Stripe
Stripe is a technology company that provides software and APIs (application programming interfaces) for businesses to process online payments and manage their financial transactions. It was founded in 2010 by brothers Patrick and John Collison and is headquartered in San Francisco, California.
Stripe’s platform allows businesses to accept payments from customers in over 135 different currencies and payment methods, including credit cards, debit cards, and digital wallets such as Apple Pay and Google Pay. The company charges a fee for each transaction processed through its platform, which varies depending on the payment method and location of the transaction.
In addition to payment processing, Stripe also offers a suite of tools for businesses to manage their financial operations, including invoicing, subscription billing, and fraud detection. The company has also expanded into other areas such as corporate cards, banking-as-a-service, and identity verification.
Stripe has become one of the most valuable privately-held companies in the world, with a valuation of over $95 billion as of May 2023. Its customers include small businesses, startups, and large enterprises across a range of industries, including e-commerce, SaaS (software as a service), and on-demand services.
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