Stripe Makes Buying Avalanche (AVAX) Easier with Direct Purchase

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As a researcher with a background in blockchain technology and digital finance, I’m thrilled about the recent development between Avalanche and Stripe. The integration of Stripe’s fiat-to-crypto onramp into Avalanche’s ecosystem is a significant step forward for the adoption and accessibility of Web3 applications.

With Stripe’s latest update, businesses using this financial infrastructure platform can now easily facilitate purchases of AVAX, the native cryptocurrency of Avalanche C-Chain. This new feature eliminates the need for retail users to navigate through external exchanges to complete their transactions.

US-based users can integrate Stripe’s fiat-to-crypto onramp as a versatile widget within Avalanche application dashboard, including decentralized exchanges (DEXs), non-fungible token (NFT) marketplaces, and digital wallet interfaces.

Avalanche’s Core wallet, developed by Ava Labs and serving as its native ecosystem solution, now supports Stripe’s onramp. This addition provides users with multiple methods to acquire assets on the Avalanche blockchain. By choosing the Stripe onramp, Core users can easily fund their wallets using ACH, debit, or credit cards. New users can create a Core wallet via Gmail or Apple ID, and purchase Avax through either the extension or web app available at core.app.

— Core🦉🔺 | Avalanche (AVAX) Wallet & Portfolio (@coreapp) April 29, 2024

Stripe aims to address the “cold start problem” faced by Web3 companies, which occurs when customers don’t have enough funds in their wallets to carry out transactions on the platform. 

In the past, individuals looking to obtain AVAX had to take several steps first: creating an account on a cryptocurrency exchange, moving funds into that account, and then buying AVAX. However, Stripe’s fiat-to-crypto onramp simplifies this procedure significantly. Now, users can directly purchase AVAX using their preferred fiat currency, such as USD or INR, through credit card transactions or bank transfers.

The connection between Retail and Avalanche is projected to bring convenience to retail users by serving as a smoother onramp into the Avalanche platform. Meanwhile, Stripe takes charge of KYC (customer identification), transactions, fraud protection, and regulatory compliance, ensuring both safety and an intuitive interaction for the end-users.

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Using the Stripe widget, you can help bridge the gap between traditional web applications (Web2) and decentralized web applications (Web3), allowing for the onboarding of a new group of users who may be less familiar with the latter.

“Akash Gupta, Head of Consumer Products at Ava Labs, noted that Core’s integration with Stripe is another manifestation of our commitment to delivering user-friendly and uncomplicated solutions. By strengthening the connection between cryptocurrencies and traditional money through Core, we are smoothing the path for effortless adoption and increasing the accessibility of digital currencies in everyday financial dealings.”

“John Egan, Stripe’s Head of Crypto, expressed his enthusiasm about integrating Avalanche (AVAX) into our onramp’s list of supported networks. By doing so, we aim to facilitate simpler access for users to join the expanding dApp community on Avalanche, contributing to our mission of ensuring a secure and user-friendly experience for all in the Web3 world.”

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2024-04-29 18:12