Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Fortune
Fortune
Marco Quiroz-Gutierrez

Payments giant Stripe jumps into Web3 with tool that helps companies turn cash to crypto

Stripe cofounders (Credit: David Paul Morris—Bloomberg via Getty Images)

Payments processing company Stripe on Thursday announced a so-called “fiat-to-crypto on-ramp” to make payments easier for Web3 companies.

The service, which crypto companies can use to let their customers exchange dollars for crypto, will also handle fraud, compliance, and know-your-customer (KYC) checks, according to a company blog post.

The news is significant because Stripe is a giant of the payments world, processing online purchases for the likes Apple and Walmart. Its move into crypto could help move blockchain payments further into the mainstream.

Stripe said blockchain-based gaming companies, for example, could use Stripe's new widget to onboard players and let them add money to wallets. The new widget is customizable, can be integrated with a company’s existing product, and will aim to eliminate the need for companies to combine several third-party services to exchange fiat currency and crypto.

It will also help the customers of blockchain-based companies avoid some of the headaches that come with crypto, the company claims, including setting up a wallet and buying digital currencies from an external exchange. 

"Today, it’s extremely difficult to get end users 'on chain'—that is, to fund their wallets with the crypto required to interface with Web3 applications," Stripe wrote in a blog post.

For more convenience, customers can also save their payment and identifying information to Stripe’s Link service, which can autofill the info during subsequent purchases.

As one of the most important payment processing companies in the world, Stripe’s entry into the Web3 space represents an opportunity to broaden the customer base of blockchain-based companies. 

Companies like blockchain-based music streaming platform Audius, NFT marketplace Magic Eden, and crypto wallet company Argent are already using the onramp, Stripe said.

"It’s been a difficult few weeks in the crypto ecosystem," the blog post read. "However, despite recent events, we remain excited about the underlying prospects for innovation."

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.