Avalanche integrates with Stripe for fiat-to-crypto onboarding

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As a seasoned crypto investor with a keen interest in the latest developments within the blockchain industry, I am thrilled about the recent integration of Avalanche C-Chain network with payment giant Stripe. This collaboration has the potential to significantly boost the adoption of Avalanche (AVAX) and Web3 applications by solving one of the most pressing issues – the “cold start problem.”

The Avalanche C-Chain network has announced a collaboration with payment company Stripe. This partnership enables confirmed Stripe users to purchase Avalanche (AVAX) and transfer it to their personal wallets, as stated in a blog post published on April 29 by Ava Labs, the network’s development team. Additionally, eight Avalanche Web3 applications have been seamlessly integrated with the platform.

As a researcher studying the latest updates from Avalanche app development, I’ve discovered an exciting new feature: developers now have the ability to incorporate customizable widgets into their interfaces. These widgets enable users to easily convert fiat currency to cryptocurrency through Stripe’s platform.

Eight apps have revealed their plans to add the widget feature, with confirmations from the Avalanche Core portfolio app, staking protocol GoGoPool, Avvy user identification service, social media platform The Arena, NFT marketplace Zeroone, Halliday wallet, web development platform Pakt, and blockchain games DeFi Kingdoms and Shrapnel.

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The integration aims to tackle the “cold start problem” in Web3 as mentioned in the post, which arises when users lack sufficient funds for transactions on the platform. To address this challenge, Stripe assumes responsibility for “verifying identities (KYC), processing payments, detecting fraud, and ensuring compliance.” This enables developers to concentrate solely on enhancing their apps. Upon its release, the integration empowers Core portfolio users to establish Avalanche accounts via Google or Apple ID and finance them through bank transfers or credit/debit cards.

According to Akash Gupta, the chief of consumer products at Ava Labs, he is convinced that the forthcoming integration will significantly boost crypto adoption on a global scale.

“Core’s integration with Stripe is just another step that underscores our dedication to providing users with intuitive, and streamlined solutions. By further bridging the gap between crypto and fiat, Core continues to pave the way for seamless onboarding and broader consumer adoption of digital currencies in everyday transactions.”

As a financial analyst, I’m excited to share that Stripe revealed on April 25th its plans to integrate stablecoin payments using Circle’s USDC (USD Coin) across three major blockchain platforms: Solana, Ethereum, and Polygon.

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2024-04-29 19:41