Coinspeaker
Stripe Announces Integration with Avalanche
In a move towards crypto expansion, Stripe, a popular payment processing firm has announced a recent integration with Avalanche (AVAX). With the integration, Stripe has expanded its offering to include support for Avalanche C-Chain, introducing a seamless path for retail users to acquire AVAX directly, without dealing with the hassles of crypto exchanges.
Avalanche Utilizes Stripe’s Fat-to-Crypto Onramp
As revealed in a blog post, Core, Avalanche’s native ecosystem wallet and portfolio developed by Ava Labs has already integrated Stripe’s onramp. Stripe’s onramp provides a direct and efficient method for users to fund their wallets with AVAX and other supported tokens.
The onramp has built-in fraud prevention and identity verification tools to help companies meet Know-Your-Customer (KYC) and compliance requirements. With just a Gmail or Apple ID, individuals can create a Core wallet and purchase AVAX through Core’s extension or web app at core.app.
As a result of this integration, users can now access streamlined crypto products and Decentralized Applications (dApps) such as Decentralized Exchanges (DEXs), digital wallets, and Non-Fungible Tokens (NFT) platforms running on Avalanche.
Anyone can buy Avalanche’s native AVAX coin using debit or credit cards through the help of a widget that will be installed in Core. According to the announcement, Stripe will take care of all issues relating to KYC procedures, payments, fraud, and compliance.
Several prominent Avalanche ecosystem partners have already signaled their intention to integrate with Stripe, including GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms.
John Egan, Head of Crypto at Stripe commented on the integration stating, “We’re excited to add AVAX into our onramp’s family of supported networks. Further enabling consumers to onboard into Avalanche’s growing dApp ecosystem is closely aligned with our goal of making it safe and easy for everyone to access the power of Web3.”
Avalanche is a Layer-1 blockchain network, competing with Ethereum (ETH) by offering a cheap and fast blockchain for developers to build upon. It is the network behind AVAX, the 12th largest digital asset with a market cap of $13.2 billion. As of the time of writing, AVAX is trading above $34.92, representing an increase of 0.6% in the past day. This nominal increase comes after the coin dropped 11% within the past week.
Stripe Making Strides in the Crypto Space
Stripe, which has been topping charts since 2021 was one of the first major companies to accept Bitcoin payments in 2014. The company, however, dropped the service in 2018, but added that it was still “very optimistic about cryptocurrencies overall.”
In a recent development, the company announced plans to start supporting transactions domiciled in Circle’s native stablecoin USD Coin (USDC) beginning this Summer. As Stripe unveiled, all the USDC will initially launch through Ethereum, Solana, and the Polygon blockchain networks.
