Stripe, an Irish-American financial services company, recently announced that it is launching a project that would make fiat-to-cryptocurrency payments easier for Web3 businesses in many countries.

Dubbed the “fiat-to-crypto onramp,” the new offer features a customizable widget that could be directly integrated into a decentralized application (dApp), non-fungible token (NFT), or decentralized exchange (DEX) platform.

According to the online payment company, the widget is dedicated to facilitating fast and seamless cryptocurrency purchases on Web3 applications and provides personalized onboarding services.

The new feature also has the ability to handle fraud and know-your-customer (KYC) challenges that could be tedious and complicated for many businesses.

With this, Stripe, which manages online shopping for other industry giants like Apple and Walmart, could help push blockchain payment even further in its bid for mainstream adoption.

Image: Bessbefit

Stripe continues to explore cryptocurrency-related links

Over the past year, the company has made efforts to form partnerships with cryptocurrency companies that have enabled payments through the digital asset class in 67 countries.

This gave various companies the ability to easily send USDC as payment to individuals and organizations located in different parts of the world.

In the meantime, regarding Stripe’s latest projectDecentralized music platform Audius was one of the first companies to test the enterprise on-ramp feature, integrating the service into its system to allow its users to purchase their native AUDIO token through their credit cards.

Solana-based exchange Orca has also started using the Stripe widget to allow its users to buy crypto assets like USDC and SOL using their play money.

Solana monopolizes program projects

The Solana blockchain seemed to have monopolized Stripe’s debut of its “fiat-to-crypto onramp” as 11 of the 16 projects under it are built on the grid.

Among these startups are Ultimate Money, SpotWallet, OTTR Finance, MagicEden, Glow Wallet, FastAF, Audius, and Orca.

However, the blockchain-native cryptocurrency SOL has not responded positively to this development, failing to achieve a significant increase in terms of trading price.

At the time of writing this article, according to the monitoring of Coingeckothe digital asset is changing hands at $13.54, losing almost 1% of its value over the past 24 hours.

It is also facing a weekly drop of 4.4% as it continues to suffer from the prevailing crypto winter and FTX implosion.

Crypto total market cap at $808 billion on the weekend chart | Featured image from CoinCu News, Chart: TradingView.com