The service, which crypto businesses can use to let their clients exchange dollars for crypto, will also take care of fraud, compliance, and know-your-customer (KYC) checks, according to a company blog post.

The news is significant because Stripe is a giant in the payments world, processing online purchases for companies like Apple and Walmart. His move into crypto could help make blockchain payments even more widespread.

Stripe said that blockchain-based gaming companies, for example, could use Stripe’s new widget to onboard players and allow them to add money to wallets. The new widget is customizable, can be integrated with a company’s existing product, and will aim to eliminate the need for companies to bundle various third-party services to exchange fiat and cryptocurrency.

It will also help clients of blockchain-based companies avoid some of the headaches that come with cryptocurrencies, the firm claims, including setting up a wallet and buying digital currencies on an external exchange.

“Today, it is extremely difficult to get end-users ‘on-chain,’ that is, to fund their wallets with the cryptocurrencies required to interact with Web3 applications,” Stripe wrote in a blog post.

For added convenience, customers can also save their payment and identification information to Stripe’s Link service, which can auto-fill the information during subsequent purchases.

As one of the largest payment processing companies in the world, Stripe’s entry into the Web3 space represents an opportunity to expand the customer base of blockchain-based companies.

Companies such as blockchain-based music streaming platform Audius, NFT marketplace Magic Eden, and crypto wallet company Argent are already using the onramp, Stripe said.

“It has been a rough few weeks in the crypto ecosystem,” the blog post read. “However, despite recent events, we remain excited about the underlying prospects for innovation.”