Avalanche Joins Forces with Stripe
01 May, 2024 ● Crypto News
The Avalanche C-Chain network has partnered with Stripe, enabling verified Stripe customers to purchase Avalanche’s AVAX and transfer it directly to their wallets, as revealed in an April 29 blog post by Ava Labs.
Additionally, eight Web3 applications on the Avalanche platform are now integrated with Stripe.
The blog describes how Avalanche app developers can incorporate a customizable widget into their applications, which facilitates the conversion of fiat money to cryptocurrency using Stripe’s services.
Eight applications have confirmed their plans to adopt this widget, including the Avalanche Core portfolio app, GoGoPool staking service, Avvy username service, The Arena social media platform, Zeroone NFT marketplace, Halliday wallet, Pakt web development platform, and the blockchain-based games DeFi Kingdoms and Shrapnel.
The blog post explains that this integration aims to address the "cold start problem" in Web3, which refers to the challenge of users lacking sufficient funds in their wallets to perform transactions.
Stripe will manage "all the KYC, payments, fraud, and compliance," freeing developers to concentrate on their applications.
Initially, this integration allows users of the Core portfolio to establish Avalanche accounts using their Google or Apple IDs and fund them via bank transfers, or debit or credit cards.
Akash Gupta, the head of consumer products at Ava Labs, expressed his belief that this collaboration will boost global crypto adoption, stating:
“Core’s integration with Stripe is just another step that underscores our dedication to providing users with intuitive and streamlined solutions.
By further bridging the gap between crypto and fiat, Core continues to pave the way for seamless onboarding and broader consumer adoption of digital currencies in everyday transactions.”
Stripe further expanded its cryptocurrency operations on April 25 by announcing the integration of stablecoin payments with Circle’s USD Coin on the Solana, Ethereum, and Polygon networks.
Sources:
https://cointelegraph.com/news/avalanche-integrates-stripe-fiat-crypto-onboarding
https://www.avax.network/blog/avalanche-integrates-with-stripe-for-crypto-onramping
