Stripe introduces fiat-to-crypto on-ramp to address cold start problem
Using the Stripe-hosted fiat-to-crypto on-ramp, Web3 companies can give their customers the option to buy crypto is exactly what they need
Image: Shutterstock
Stripe's online payment processor launched a fiat-to-crypto on-ramp to help Web3 businesses surpass the cold start problem. Customers get into trouble when they don't have enough cryptocurrencies in their wallets to make a purchase.
Web3 businesses can now offer immediate crypto purchases to their US-based clients without integrating any more code into their site or app owing to Stripe's new on-ramp. This change is big since it finally solves the problem of getting people to buy and keep crypto for everyday use.
Web3 businesses can easily onboard new customers thanks to Stripe's fiat-to-crypto on-ramp, which eliminates the need for users to create cryptocurrency wallets or connect their bank accounts to cryptocurrency exchanges. The access point makes it simple for users to make immediate cryptocurrency purchases using credit or debit cards.
This shift occurs when crypto is on the rise and blockchain technology is being adopted by many businesses. However, a major obstacle to widespread crypto adoption is the industry's current lack of supporting infrastructure and clear regulations. Stripe is actively working to solve this problem by facilitating a bridge between money and crypto.
Because Stripe is hosting the service, Web3 businesses don't have to worry about using the necessary infrastructure to accept payments. This would allow them to give their clients a streamlined experience while they concentrated on running their firm.
