Stripe Beefs Up Crypto Offerings Through Avalanche Network Integration

Stripe, a leading payment processing firm, has integrated with Avalanche (AVAX), a Layer-1 blockchain network, to provide a seamless onramp for users to acquire AVAX directly using debit or credit cards. This integration will enable users to easily access crypto products and decentralized applications built on Avalanche, while adhering to KYC and compliance requirements.

Stripe Expands Crypto Offerings by Integrating with Avalanche Network

In a significant move towards crypto adoption, Stripe, a renowned payment processing company, has announced its integration with Avalanche (AVAX). This integration marks Stripe's expansion into the Avalanche ecosystem, enabling hassle-free acquisition of AVAX for retail users.

Avalanche Embraces Stripe's Onramp Solution

As detailed in an official blog post, Core, Avalanche's native ecosystem wallet and portfolio, has seamlessly integrated Stripe's onramp functionality. This onramp provides users with a direct and efficient means of funding their wallets with AVAX and other supported tokens.

The onramp employs robust fraud prevention and identity verification mechanisms, empowering businesses to adhere to Know-Your-Customer (KYC) and compliance requirements. By utilizing their Gmail or Apple ID, individuals can effortlessly create Core wallets and purchase AVAX through Core's extension or web app at core.app.

Streamlined Crypto Access for Avalanche Ecosystem

This integration opens up a wide array of crypto products and decentralized applications (dApps) for users, including decentralized exchanges (DEXs), digital wallets, and non-fungible token (NFT) platforms operating on the Avalanche network.

Through a widget embedded in Core, users can now purchase Avalanche's native AVAX coin using debit or credit cards. Stripe assumes responsibility for handling KYC procedures, payment processing, fraud detection, and compliance.

Avalanche Partners Embrace Stripe Integration

Notable Avalanche ecosystem partners have already expressed their enthusiasm for integrating with Stripe, signaling their confidence in this collaboration. These partners include GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms.

John Egan, Head of Crypto at Stripe, expressed the company's excitement about the integration, stating, "We're thrilled to include AVAX in our onramp's supported networks. By facilitating onboarding into Avalanche's burgeoning dApp ecosystem, we align ourselves with our mission of making Web3 accessible to all."

Avalanche: A Leading Layer-1 Blockchain

Avalanche is a Layer-1 blockchain network poised as a competitor to Ethereum (ETH). It offers a lightning-fast and cost-effective platform for developers to create innovative blockchain applications. Avalanche serves as the underlying network for AVAX, the 12th largest digital asset with a market capitalization of $13.2 billion. At the time of writing, AVAX trades at $34.92, reflecting a modest gain of 0.6% over the last 24 hours. This recovery follows a 11% decline during the preceding week.

Stripe's Crypto Journey

Since 2021, Stripe has been a prominent force in the crypto industry, becoming one of the first significant companies to accept Bitcoin payments in 2014. While the company discontinued this service in 2018, it reaffirmed its "unwavering optimism about cryptocurrencies."

In a recent development, Stripe announced its plans to support transactions processed in Circle's stablecoin, USD Coin (USDC), starting in the summer of 2023. Initially, all USDC transactions will be processed through the Ethereum, Solana, and Polygon blockchain networks.

Conclusion

Stripe's integration with Avalanche is a significant step forward in the adoption of cryptocurrencies and blockchain technology. By providing a seamless onramp for retail users and empowering businesses with KYC compliance tools, Stripe is accelerating the mainstream adoption of Avalanche and its ecosystem of innovative dApps. As the crypto industry continues to mature, Stripe's commitment to supporting digital assets and blockchain networks positions it as a leading innovator in the space.