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

David Paul Morris—Bloomberg via Getty Images

Payments processing company [hotlink]Stripe[/hotlink] 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 [hotlink]Apple[/hotlink] and [hotlink]Walmart[/hotlink]. 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."

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