According to a press release distributed today, Stripe, a prominent financial infrastructure platform, has broadened its services to encompass support for the Avalanche C-Chain.
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This development empowers retail users to directly purchase AVAX, the native token of the Avalanche blockchain, through Stripe's platform, eliminating the need for traditional crypto exchanges.
The integration has been seamlessly incorporated into Avalanche's native wallet, Core, developed by Ava Labs. With this new feature, users can conveniently fund their wallets using various payment methods, including ACH transfers, debit cards, and credit cards. Stripe's onramp can be accessed through Core's web extension or application, with users having the option to sign up using Gmail or Apple ID.
One of the primary objectives of this integration is to address the "cold start problem" faced by many web3 companies, where users may lack sufficient funds to engage in transactions on their platforms. Stripe's solution encompasses handling KYC (Know Your Customer), payments, fraud detection, and compliance, thereby offering a seamless entry point into the Avalanche ecosystem.
Several key partners within the Avalanche ecosystem, such as GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms, have announced plans to integrate Stripe's onramp. This collaborative effort is anticipated to bridge the gap between web2 and web3, attracting a broader segment of users to the blockchain space.
Akash Gupta, Director of Consumer Products at Ava Labs, emphasized that the integration aims to enhance Core's functionality and user experience, ultimately lowering entry barriers and fostering broader consumer adoption of digital currencies.
John Egan, Head of Crypto at Stripe, expressed enthusiasm about the partnership, highlighting their commitment to enabling consumers to seamlessly onboard into Avalanche's growing dApp ecosystem, in alignment with their goal of making Web3 accessible to everyone.