Payments Giant Stripe Expands Crypto Returns With Avalanche Integration

Payment processor Stripe is getting into crypto, it seems, today announcing its integration with Avalanche.

Just last week, the San Francisco-based firm announced that it would allow companies using its technology to accept the USD Coin (USDC) stablecoin for online payments.

And today, he says, retail customers have easy access to the Avalanche ecosystem. Ava Labs, the development company behind the Avalanche blockchain, says the wallet's core uses Stripe's fiat-to-crypto onramp.

In short, the integration will allow users to access typically good crypto products and decentralized applications such as decentralized exchanges and NFT platforms that run on Avalanche.

A widget will be installed in the core that will allow anyone to buy Avalanche's native AVAX coin using debit or credit cards. Stripe will take care of everything related to KYC, the announcement read.

Avalanche is a crypto network that wants to compete with Ethereum by providing a cheap and fast blockchain for developers to build. The 13th largest digital asset with a market value of $13.6 billion is the network behind EVAX. As of Monday morning, AVAX was trading above $33 after falling 16% since this time last week. It has lost 3.5% in the last 24 hours after following the rest of the market's direction, starting the week on a slow note.

Stripe's head of crypto, John Egan, said in a press release that the company's goal is to “allow everyone to harness the power of Web3.”

Stripe, which provides a way for businesses to accept payments, said last week that it would integrate stablecoin payments into its infrastructure. Now, online businesses can accept USDC, a digital token and the sixth largest cryptocurrency at market value.

In the year In 2014, Stripe became one of the first major companies to accept Bitcoin payments. In the year He shut down the service in 2018, but added that he is still “very optimistic about cryptocurrencies in general.”

Edited by Stacy Elliott.