Stripe Launches Stripe-Hosted Fiat-to-Crypto Onramp
Today, Stripe announced the launch of a Stripe-hosted fiat-to-crypto onramp, making it simpler for Web3 companies to assist US-based customers in purchasing cryptocurrency.
🔙 Back It Up
Stripe is a financial infrastructure platform for businesses, and increasingly, crypto companies are adopting Stripe products beyond the onramp. Stripe’s global infrastructure makes it easier for businesses to grow by facilitating fiat acceptance all over the world, enabling simpler payouts with crypto (USDC), lowering the likelihood of fraud, and facilitating a more streamlined onboarding process.
❗ Why It Matters
Stripe’s onramp lets you buy crypto right when you need it, which is similar timeframe-wise to services such as MoonPay, Transak, and Simplex and unlike some exchanges, which don't allow you to transfer the crypto externally for a number of business days or until the deposit clears (if using a linked banking method). As an example, Stripe's onramp lets customers purchase Ethereum instantly on the spot, so they can in turn purchase an NFT from a marketplace without any further delay.
The embeddable onramp is especially useful for companies in Web3 that want to have control over the branding and customer experience, whereas the new hosted option makes it even simpler for users to access the service.
The Deets
- Web3 companies can now direct customers to a Stripe-hosted onramp to purchase crypto.
- The Stripe-hosted onramp is built for various use cases from Web3 companies around the globe, including Brave, Safe, 1inch, and Lens Protocol.
- Stripe now offers two different implementation options for its onramp:
- An embeddable onramp, announced back in December, gives developers the ability to insert a crypto-purchasing widget directly into their own website or app using a mere 10 lines of code.
- A Stripe-hosted onramp at crypto.link.com that companies can direct their US-based customers to, a method that requires zero use of code.
The Details
Customers using the onramp for the first time are only required to complete the identity verification process once, and they can then add their payment information to a Link account (which then speeds up checkout for customers in the future by saving payment details that can be used at other businesses that are compatible with Link).
Stripe's onramp has built-in fraud tools and identity verification to assist companies in ensuring they're up to par with KYC and compliance requirements. The onramp is designed to optimize conversion and authorization rates, which increases the likelihood that authorized purchases are completed without any issues, and can be either embedded on a company's site or hosted by Stripe.
🎤 Founder Feedback
With our onramp options, Web3 companies can now outsource a bunch of the very important but tricky pieces to Stripe-things like conversion and auth optimization, identity verification, fraud prevention, and so on. This allows companies to focus on what's unique to their business, and helps their customers start using Web3 services quickly and safelyGuillaume Poncin, Stripe's head of engineering for crypto
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