Stripe releases its Fiat-to-crypto widget for Web3 development
The widget is intended to grant Web3 developers an easier and more seamless experience when using crypto
Financial services company Stripe has released details on its latest project which enables fiat-to-crypto payments for companies across the world.
Although Stripe states it has been “a difficult few weeks in the crypto ecosystem” they remain optimistic and excited about the future. Over the past year, Stripe has focused on its global payments and treasury network while working with various crypto companies.
The very latest project is the Fiat-to-crypto project for Web3 developers. Stripe notes that it can still be difficult to get “end users on chain” as various hurdles such as fraud and KYC (know your customer) requirements can still be difficult to combat, while also ensuring a seamless payment experience is being offered.
In an effort to tackle these complex systems, Stripe has built the fiat-to-crypto onramp. This customisable widget can be embedded directly into Web3 developer’s DEX, NFT platform, wallet, or dApp. Stripe is able to handle KYC, payments, fraud, and compliance which then eliminates the need to integrate a third-party service. In a bid to make the process as simple as possible, the code which needs to be used is only 10 lines long.
It’s suitable for end users too, as the checkout experience is intended to be seamless and optimised for conversion which will allow for instant settlements of crypto. Stripe’s fiat-to-crypto onramp is already being used by some of its partners. Blockchain-based music streaming platform Audius is using the onramp to enable musicians to earn revenue. Magic Eden is using it to enable seamless NFT purchases, and Argent uses the onramp to help with quick Ethereum wallet top-ups.
Web3 developers who wish to utilise the Stripe onramp can sign up to gain access and is currently only available to those in the US. Wider accessibility is expected to roll out in the future.