Avalanche integrates with Stripe on fiat-to-crypto onboarding
According to an April 29 blog post by the network's developer, Ava Labs, the Avalanche C-Chain network is integrating with payments firm Stripe to allow verified Stripe users to purchase Avalanche's AVAX (AVAX) and send it to their wallets. Eight Avalanche Web3 applications are integrated with the platform.
According to the article, Avalanche app developers can now embed a customizable widget into their interfaces, allowing users to convert fiat to crypto through the Stripe platform.
Eight applications have already announced that they will integrate the tool, Avalanche core portfolio application, staking protocol GoGoPool, Avvy username service, social media platform The Arena, nonfungible token (NFT) marketplace Zeroone, Halliday Wallet, web development platform Pakt and blockchain games DeFi Kingdoms and Shrapnel.
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The integration attempts to solve the “cold start problem” on Web3, which occurs when “customers don't have enough money in their wallets to make transactions on the platform.” To solve this problem, Stripe handles all KYC, payments, fraud and compliance, allowing the developer to focus on the app itself. At launch, the integration will allow Core Portfolio users to create Avalanche accounts using their Google or Apple IDs and make payments via bank transfers, debit or credit cards.
Akash Gupta, head of consumer products at Ava Labs, said he believes the merger will help increase crypto adoption around the world.
“Core's integration with Stripe is another step that underscores our commitment to providing consumers with intuitive and streamlined solutions. By further bridging the gap between crypto and fiat, Core has paved the way for seamless onboarding and widespread use of digital currencies in everyday transactions.
On April 25, Stripe announced that it will integrate stablecoin payments using Circle's USD Coin (USDC) on Solana, Ethereum, and Polygon.
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