Last week, financial service provider Stripe launched a so-called “fiat to crypto on ramp” announced.
According to the Irish-American company, the project would make fiat-to-crypto payments easier for Web3companies in many countries.
The news is important because Stripe is a giant in the payments world. The company processes online purchases for companies like Apple and Walmart. The move to crypto can help blockchainpayments continue to the mainstream to bring.
A widget with many advantages
The product is a customizable one widget which can be incorporated directly into a decentralized exchange (DEX), NFT–platform, or decentralized app (dapp). It is meant to be fast crypto enabling purchases in Web3 applications.
Crypto companies can use the service to let their customers exchange dollars for crypto. In addition, it will check for fraud, compliance and know your customer (KYC), according to the company’s blog post.
It will also help clients of blockchain-based companies avoid some of the headaches associated with crypto, the company claims. This means setting up a wallet and buying digital currency from a third-party exchange.
“Currently, it is extremely difficult toon chain— that is, to fund their wallets with the crypto needed to interface with Web3 applications,”
Stripe said blockchain-based gaming companies, for example, Stripe’s new widget could use to attract players and get them to add money to wallets.
The widget is customizable and integrates with a company’s existing product. It is also planned that companies will no longer have to combine different third-party services to exchange fiat currency and crypto.
Monopoly position for Solana
The Solana blockchain appears to have monopolized Stripe’s debut of its fiat-to-crypto on-ramp, as 11 of the 16 projects have been built under the network.
1/ @Stripe debuted its fiat-to-crypto payments onramp — and 11 of the 16 projects in the program are built on Solana 💪@AudiusProject@xNFT_Backpack@FastAF@fractalwagmi@glowwallet@MagicEden@magic_labs@orca_so@ottrfinance@spotwallet@UltimateMoneyhttps://t.co/F8uNupoucQ
— Solana (@solana) December 1, 2022
However, the blockchain’s native cryptocurrency, SOL, has not reacted very positively to this development. SOL has not shown any significant increase in trading price to date.