Several prominent Avalanche ecosystem partners have already announced their intent to integrate with Stripe, including GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms.
In a move towards cryptocurrency expansion, popular payment processing company Stripe recently announced an integration with Avalanche (AVAX). With the integration, Stripe has expanded its offering to include support for the Avalanche C-Chain and introduced a seamless path for retail users to purchase AVAX directly without having to deal with the hassle of cryptocurrency exchanges.
Avalanche leverages 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 way for users to fund their wallets with AVAX and other supported tokens.
onramp has built-in fraud prevention and identity verification tools to help businesses meet know-your-customer (KYC) and compliance requirements. Individuals need only a Gmail or Apple ID to 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 purchase Avalanche’s native AVAX coin using a debit or credit card with the help of a widget installed on the Core. According to the announcement, Stripe will handle all issues related to KYC processes, payments, fraud, and compliance.
Several prominent Avalanche ecosystem partners have already announced their intent to integrate with Stripe, including GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms.
John Egan, Head of Cryptocurrency at Stripe, said of the integration: “We are excited to add AVAX to onramp’s suite of support networks. “Enabling consumers to participate in Avalanche’s growing dApp ecosystem closely aligns with our goal of making the power of Web3 secure and easy to access for everyone.”
Avalanche is a layer 1 blockchain network that competes with Ethereum (ETH) by providing a cheap and fast blockchain for developers to build. This is the network of AVAX, the 12th largest digital asset with a market capitalization of $13.2 billion. As of this writing, AVAX is trading above $34.92, up 0.6% over the past day. This nominal increase comes after the coin fell 11% last week.
Stripe Makes Big Progress in Cryptocurrency
Stripe, which has been topping the charts since 2021, was one of the first major companies to accept Bitcoin payments in 2014. However, the company added that despite discontinuing the service in 2018, it remains “very optimistic about cryptocurrencies in general.”
In a recent development, the company announced plans to begin supporting transactions residing in Circle’s native stablecoin USD Coin (USDC) starting this summer. As Stripe disclosed, all USDC will initially be released via the Ethereum, Solana, and Polygon blockchain networks.
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