invezz.com
Payments giant Stripe has integrated with the Avalanche, according to details the layer-1 blockchain announced on Monday.
The integration means Stripe’s fiat-to-crypto onramp service is now available to Avalanche C-Chain users.
With it, retail users can now buy AVAX directly from their Stripe account. This is significant news as Stripe users do not need to use a crypto exchange such as Binance or Coinbase when looking to buy AVAX.
Stripe will offer this functionality via its customizable widget that will be embedded into decentralised applications (dApps) on Avalanche.
Specifically, the fiat-to-crypto service is now available to Avalanche-based DEXes, NFT platforms, and digital wallets.
Stripe also integrates Avalanche wallet Core
Stripe has also integrated with Avalanche native wallet Core, which means users can now fund their wallets through payment methods such as ACH, credit and debit cards.
To help accelerate adoption, Stripe is streamlining the KYC process for users. More than that, the company is also taking the lead in addressing the ““cold start problem””.
This is a challenge that Web3 companies face in the onboarding process when customers have inadequate funds in their wallets to complete transactions. Stripe’s onramp feature helps handle this, as well as aspects such as fraud and compliance.
“We’re excited to add AVAX into our onramp’s family of supported networks. Further enabling consumers to onboard into Avalanche’s growing dApp ecosystem is closely aligned to our goal of making it safe and easy for everyone to access the power of Web3,” John Egan, the head of crypto at Stripe, said in a statement.
According to Avalanche, several ecosystem partners are set to tap into the Stripe integration. It includes liquid staking protocol GoGoPool and decentralised naming service Avvy.
Others are Web3 game Shrapnel, cross-chain fantasy RPG game DeFi Kingdoms and SocialFi platform The Arena.
As reported last week, Stripe made its re-entry into the crypto payments space after a six-year halt. The company announced initial support will be for the USDC stablecoin.
The post Stripe integrates Avalanche for AVAX purchases without need for exchanges appeared first on Invezz