​Stripe launches a service for buying cryptocurrencies for fiat

What’s new? Stripe, a US technology company, which develops solutions for electronic payment processing, has announced the launch of a platform for converting fiat funds into cryptocurrencies. The move is designed to make it easier for Web 3.0 companies and US customers to access digital assets. The new service is developed with input from Brave browser, decentralized exchange aggregator (DEX) 1inch, Safe platform, and Lens Protocol.

Announcement on the Stripe website

What else is known? Stripe currently offers two ways to use the service: integrating a widget for buying cryptocurrencies directly into a website or app with “just 10 lines of code,” or redirecting US customers to a special website crypto.link.com.

The service helps optimize conversion and authorization, making purchases more likely, the developers noted. It includes built-in anti-fraud tools as well as KYC and AML compliance identity verification tools.

Consumers using the service for the first time can complete identity verification just once and add their payment information to an account on the Link platform. This information can be saved and used for future purchases at any Link-enabled company.

Guillaume Poncin, head of engineering for crypto at Stripe, added that the service will allow Web 3.0 companies to outsource a number of important but complex tasks, including conversion and authorization optimization, identity verification, and fraud prevention. This will allow firms to focus on their unique strengths and help their customers start using Web 3.0 services quickly and securely.

Usage scenarios. Stripe partners will be able to use the service in a variety of ways. For example, Brave Browser will give users the ability to buy cryptocurrencies directly from Brave Wallet. Safe platform developers will be able to embed the service into their decentralized applications (DApps). 1inch will integrate Stripe so that its customers can easily and quickly top up their DeFi Wallet. And Lens Protocol users will be able to seamlessly receive content and support its creators in the Lens ecosystem.

On April 10, the developers of the MetaMask crypto wallet added new functionality to their Portfolio Dapp app. It allows users to buy more than 90 cryptocurrencies in 8 networks for fiat using bank cards or the PayPal payment system. Earlier, crypto wallet Trust Wallet, part of the Binance ecosystem, also added the ability to buy digital assets for fiat. It was implemented in cooperation with crypto payment services Moonpay and Ramp Network and allows transactions without using centralized platforms.