Source: news.google.com
The partnership will see various Web 3.0 companies get more uses and increase the usability of their products and services.
Fintech giant Stripe has established multiple partnerships with various web 3.0-focused companies to make buying crypto easily accessible. The financial services company shared the announcement via a blog post dated Dec. 1 in hopes of removing the complexity that typically comes with fiat-to-crypto conversions on various platforms. The first of its new partners is blockchain-based music streaming platform Audius. Stripe also confirms that it is partnering with Solana-based NFT marketplace Magic Eden and several other companies across the crypto ecosystem.
Stripe names crypto partners
In addition to Audius and Magic Eden, Stripe’s API program will also include wallet providers Argent and Backpack, blockchain gaming firm Fractal, and Orca, a Web3 decentralized exchange (DEX). The implication of this is that customers on any of these platforms can now buy crypto directly without ever leaving their sites. Although, according to Stripe, that’s because the onramp must have been integrated directly into the NFT platform, DEX, wallet provider, or dApp.
Interestingly, Stripe also considered the burden of having to integrate multiple third parties. To address this, it will take over the handling of everything related to payments, KYC, fraud and regulatory compliance.
In the meantime, some of the partners have also taken the opportunity to share their enthusiasm for the collaboration. For example, Magic Eden CEO Jack Lu, who is interested in expanding the reach of the platform, believes this will be a perfect opportunity. He said in part:
“…We are excited to work with Stripe to introduce a fiat payment solution that will allow us to reach new Web3 users.”
Argent CEO Itamar Lesuisse also had a few things to say. He said that the association will go a long way in removing the barriers that exist between traditional and decentralized finance.
Intensifying the Web3.0 push
It’s also worth mentioning that this isn’t Stripe’s first push into Web 3.0. In March, he partnered with some web3 companies, in what was his first major crypto move. This was after he first announced his intentions to create a cryptocurrency-focused engineering team in October 2021.
The firm also recently completed a $600 million Series H financing and now has a valuation of $95 billion.
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