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Web3 companies can now direct customers to an embedded or Stripe-hosted onramp to buy cryptocurrencies
May 5, 2023 - Stripe, a financial infrastructure platform for businesses, announced the launch of a Stripe-hosted fiat-to-crypto onramp which aims to make it easier for Web3 companies to help US-based customers purchase crypto.
In parallel, Stripe is opening the onramp to all Web3 users to allow customers to purchase crypto when they need it. Following the announcement, Stripe now offers two implementation options for its onramp:
- An embeddable onramp which allows developers to insert a crypto-purchasing widget directly into their own website or app with just 10 lines of code.
- A Stripe-hosted onramp at crypto.link.com, to which companies can direct their US-based customers, no code required.
Whilst the embeddable onramp may be helpful for Web3 companies that want to fully customize the branding and customer experience, the Stripe-hosted option could provide an accessible way for users to get started.
James Mudgett, vice president of Web3 products at Brave commented: “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."
Stripe's onramp is designed to optimize conversion, authorization rates and includes built-in fraud tools and identity verification to support companies in meeting KYC and compliance requirements.
Lens Founder Stani Kulechov commented: “We're delighted to welcome Stripe into LensFrens to reduce payment friction and encourage content monetization. By adding this payment feature, users can easily collect their favorite content and back the creators they admire."
Guillaume Poncin, head of engineering for crypto at Stripe commented: 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 safely.”
Examples of Web3 use cases for the Stripe-hosted onramp are provided below:
Brave, a privacy-focused browser that's optimized for Web3 via the integrated Brave Wallet, which is a secure home for storing digital assets and exploring the decentralized web. Users will soon be able to use the Stripe onramp to buy crypto directly into their self-custody Brave Wallet accounts.
Safe, a platform enabling users to manage digital assets on Ethereum and the EVM. Developers can now embed Stripe’s onramp in their decentralized applications directly from the Safe{Core} SDK, reducing the barrier between Web2 and Web3.
1inch, a distributed network for various protocols that provides one-stop access to decentralized finance. 1inch will integrate the Stripe onramp to let users easily and quickly start funding their DeFi wallet.
Lens Protocol, a decentralized social protocol that empowers creators to monetize their content. Lens will use Stripe’s onramp on LensFrens to allow users to seamlessly collect content and support their favorite Web3 creators within the Lens ecosystem.
