Stripe: the onramp for direct access to crypto

The US company Stripe, offers a tool to translate fiat currencies into crypto and integrate companies into Web3 ensuring security and convenience.

Stripe is an American payments company with Irish tax status (based in Dublin) and offers through its software the ability to send and receive payments online.

Since 2011, the company has stood out for efficiency and security regarding KYC and beyond. 

Today the payments giant enters the Web3 strongly by offering a tool capable of transforming fiat currencies into crypto completely seamlessly and without third parties. 

In its blog, Stripe explained that the (onramp) tool will be able to protect both incoming and outgoing liquidity from fraud present in the Web3, will comply with the latest global directives (Mi.Ca. included) and will be at the forefront on KYC (Know Your Costumer).

Stripe facilitates access to the crypto world and Web3

The Collison brothers, co-founders of the payments company, have guaranteed that companies in the crypto world will be able to take advantage of the new tool to provide the ability, for example, to exchange dollars for any cryptocurrency quickly and easily without additional steps. 

Stripe already offers its services to apex companies such as Apple and Walmart but also Audius, NFT marketplace Magic Eden and cryptocurrency company Argent and is highly valued on the web to the point of being used by a vast number of companies especially in the e-commerce sphere but not only. 

The new feature offered could easily expand the world of crypto by bringing it to many more users around the world accomplishing the mass adoption of digital currencies that would be very beneficial.

Onramp, which is the name of Stripe’s newest addition, would be perfect for all those blockchain gaming companies that would use Stripe’s new widget to provide the ability for players to manage liquidity from online wallets. 

The tool can be modified to suit the client’s needs and can be integrated with any similar product already used in X company so as to facilitate exchanges by making them more secure. 

The widget will be a valuable support for users of companies using the blockchain to avoid problems such as the cumbersomeness of creating their own online wallets or simply buying cryptocurrencies of any kind from a different exchange.

“Today it is extremely difficult to get end users ‘chained’ i.e. fund their wallets with the encryption needed to interface with Web3 applications.”

Onramp allows, among other things, the ability to save personal and payment-related data as well as, of course, the password by protecting everything with the most advanced security systems. 

What we have just emerged from have been agitating weeks from the point of view of the markets and difficult for the industry to endure, but this tool manages to breathe new life into it, at least to some extent. 

The industry has been rocked by yet another failure, which happened partly because of a lack of transparency. 

“It has been a tough few weeks in the crypto ecosystem, however, despite recent events, we remain excited about the underlying prospects for innovation.”

Citing what happened with Ethereum, Stripe’s blog in its latest Onramp article emphasizes the speed with which technologies are evolving, updating and improving the cryptocurrency world. 

The details of Onramp

Stripe’s Onramp is a shining example of how technology can synthesize and help everyone in the aspect of integrating and developing new markets or better, in this case opening the doors of the crypto world to a very large number of potential customers. 

“Just a few months ago, for example, Ethereum successfully transitioned to a proof-of-stake consensus model, a stunning demonstration of the power of open source development, and many other projects continue to make impressive technical advances.”

This is to say that Onramp, which synthesizes countless steps that were previously needed for a fiat-to-crypto payment and is now a reality thanks to Stripe, is just the beginning of a process that will bring Web3 closer and closer to people. 

“Over the past year, we’ve focused on giving cryptocurrency companies access to Stripe’s Global Payments and Treasury Network (GPTN). For example, we’ve partnered with NFT marketplaces like Nifty Gateway for edge makers and KYC and enable them to accept payments for their work. We’ve also started enhancing the GPTN with cryptographic capabilities. We’ve rolled out support for cryptocurrency payments in 67 countries, which allows platforms like Braintrust to pay USDC to contractors around the world. Today we are announcing an onramp from fiat to crypto for Web3 developers.”

This is what the blog says in the introduction article, an overview of the past year that in stages led Stripe to give birth to Onramp. 

The software is succeeding in achieving the ambitious goal of making Web3 accessible to the masses through companies that will choose Onramp itself for payments as a partner. 

The tool designed in California by engineers and programmers at the company of the Collison brothers is simply a fiat-to-crypto service that streamlines the steps of what was previously too complex and slow. 

The Onramp widget is designed to be very versatile so that software developers can easily incorporate DEXs, NFTs, wallets or dApps into their platform in one fell swoop. 

The software handles all the Know Your Customer (KYC) part, the operations and protection from hacker attacks, all in one functional service. 

The tool is super easy to implement in any company even by a novice programmer as it can be conveniently integrated in 10 lines of code, points out Stripe proudly on its blog. 

The new era of online payments seems to have finally arrived and promises to make people forget the difficulty of having to go through multiple steps to switch from a fiat currency to a cryptocurrency by opening the doors to all those potential customers still hindered by impractical mechanisms or a good dose of mistrust.