Avalanche, a leading blockchain network, has announced a strategic partnership with payment giant Stripe to streamline fiat-to-crypto onboarding for its users. The integration allows verified Stripe users to purchase Avalanche’s native token, AVAX, directly within Web3 applications using a customizable widget provided by Stripe.
TLDR
- Avalanche has integrated with payment firm Stripe, allowing users to buy AVAX directly within Web3 apps using a customizable widget.
- The integration aims to solve the “cold start problem” by enabling users to fund their wallets easily using various payment methods.
- Eight Avalanche Web3 apps, including DeFi Kingdoms and Shrapnel, have announced plans to integrate the Stripe widget.
- Stripe will handle KYC, payments, fraud, and compliance, allowing developers to focus on their apps.
- The partnership is expected to increase crypto adoption and bridge the gap between traditional finance and DeFi.
The collaboration aims to address the “cold start problem” often faced by new users in the Web3 ecosystem, where insufficient funds in their wallets hinder their ability to carry out transactions on the platform.
By integrating Stripe’s fiat-to-crypto onramp, Avalanche enables users to fund their wallets seamlessly using various payment methods, including ACH transfers, debit cards, and credit cards.
Stripe's expansion into crypto continues, today integrating Avalanche & Core to provide easier access to Web3
????US users can purchase $AVAX directly thru Stripe without using an exchange
????Avalanche apps can embed Stripe’s onramp via customizable widget https://t.co/NIBEfQUWuP
— Avalanche ???? (@avax) April 29, 2024
To facilitate this process, Avalanche app developers can embed Stripe’s customizable widget into their interfaces, such as decentralized exchanges (DEXes), NFT platforms, and digital wallets.
The widget allows users to convert fiat to crypto via Stripe’s platform, with Stripe handling all the necessary KYC, payments, fraud, and compliance procedures.
This integration frees developers to focus on building and improving their applications while providing a smooth onboarding experience for users.
Eight Avalanche Web3 apps have already announced plans to integrate the Stripe widget, including the Avalanche Core portfolio app, staking protocol GoGoPool, Avvy username service, social media platform The Arena, NFT marketplace Zeroone, Halliday wallet, web development platform Pakt, and blockchain games DeFi Kingdoms and Shrapnel.
Akash Gupta, head of consumer products at Ava Labs, the firm behind the Avalanche blockchain, believes that the integration with Stripe will help increase crypto adoption worldwide.
By bridging the gap between traditional finance and decentralized finance (DeFi), the partnership paves the way for seamless onboarding and broader consumer adoption of digital currencies in everyday transactions.
The integration with Stripe marks another significant step for Avalanche in its mission to make digital currencies more accessible and usable for daily transactions.
As more Web3 applications embrace this partnership, it is expected to drive greater adoption and growth within the Avalanche ecosystem and the broader crypto space.
