Avalanche C-Chain Collaborates with Stripe to Boost Global Crypto Adaption
Summary:
Avalanche C-Chain network has partnered with payment processing firm Stripe. The integration allows verified Stripe users to purchase and transfer Avalanche's cryptocurrency (AVAX) directly to their wallets, with eight applications from the Avalanche Web3 suite incorporated into the Stripe platform. App developers for Avalanche now have an option to include a customizable widget in their user interfaces for converting fiat to crypto via Stripe's platform. The partnership aims to address the "cold start problem" in Web3 and expects to contribute significantly to global crypto adoption.
Avalanche C-Chain network has completed its integration with Stripe, the payment processing giant, enabling Stripe's verified users to purchase Avalanche's native cryptocurrency, AVAX, and transfer it directly into their wallets, as per an announcement made by Ava Labs on April 29. Additionally, eight applications from the Avalanche Web3 suite have now been incorporated into the platform.
The Ava Labs update also reveals that developers creating apps for Avalanche now have the option to add a customizable widget to their user interfaces. This feature gives users access to convert fiat currency into cryptocurrency through Stripe's platform. Among the apps that have already declared their decision to embed this widget into their platforms are Avalanche Core portfolio app, GoGoPool staking protocol, Avvy username service, The Arena social media platform, along with Zeroone NFT marketplace, Halliday wallet, website creation platform Pakt, and DeFi Kingdoms and Shrapnel blockchain games.
The move is aimed at addressing the "cold start problem" prevalent in Web3, which arises when users cannot perform transactions due to insufficient funds in their wallets, Ava Labs noted. Courtesy of this integration, Stripe will manage all necessary aspects like KYC, payments along with fraud and compliance, leaving developers with more time to concentrate on enhancing the app itself. Initially, Core portfolio users will be allowed to create Avalanche accounts using their Google or Apple IDs and fund them via bank transfers or debit or credit cards.
Akash Gupta, who heads Ava Labs' consumer products team, offered his views on the integration. Commenting that he expects the move will contribute significantly towards expanding crypto adoption globally, he said, "The integration with Stripe is a testament to our commitment to deliver intuitive, streamlined solutions to users. By fostering a closer connection between cryptocurrency and fiat money, Core is smoothing the transition to digital currencies and fostering their acceptance in daily transactions."
Earlier, on April 25, Stripe had announced plans to incorporate Circle’s USDC stablecoin payments on Solana, Ethereum, and Polygon chains. Meanwhile, a report indicates that out of every six recently-launched Base meme coins, one is likely to be a scam, and that 91% are prone to vulnerabilities.
Published At
4/29/2024 7:30:00 PM
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