Stripe and Avalanche Partner Up for Fiat-to-Crypto Onboarding

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The Avalanche C-Chain network has integrated with payment firm Stripe, allowing verified Stripe users to buy Avalanche’s AVAX and send it to their wallets, according to an April 29 blog post from the network’s developer, Ava Labs. Eight Avalanche Web3 apps have also been integrated with the platform.

According to the post, Avalanche app developers can now embed a customizable widget into their interfaces, allowing users to convert fiat to crypto via Stripe’s platform.

Stripe and Avalanche Team Up

Eight apps have already announced that they will integrate the widget, including the Avalanche Core portfolio app, staking protocol GoGoPool, Avvy username service, social media platform The Arena, non-fungible token (NFT) marketplace Zeroone, Halliday wallet, web development platform Pakt, and blockchain games DeFi Kingdoms and Shrapnel.

Solving the ‘Cold Start Problem’

The integration attempts to solve the “cold start problem” in Web3, the post stated, which occurs when “customers don’t have enough funds in their wallets to carry out transactions on the platform.” 

To solve this issue, Stripe will handle “all the KYC, payments, fraud, and compliance,” allowing the developer to focus on the app itself. At launch, the integration allows Core portfolio users to create Avalanche accounts using their Google or Apple ID and fund them with bank transfers, debit, or credit cards.

Stripe Expands Footprint into Crypto

Akash Gupta, head of consumer products at Ava Labs, stated that he believes the integration will help to increase crypto adoption worldwide, noting:

“Core’s integration with Stripe is just another step that underscores our dedication to providing users with intuitive and streamlined solutions. By further bridging the gap between crypto and fiat, Core continues to pave the way for seamless onboarding and broader consumer adoption of digital currencies in everyday transactions.”

On April 25, Stripe also announced that it would be integrating stablecoin payments using Circle’s USD Coin (USDC) on Solana, Ethereum, and Polygon.

Stripe co-founder and president John Collison stated, “Crypto is finally making sense as a means of exchange,” while adding:

“We’re bringing back crypto as a way to accept payments, but this time with a much better experience with stablecoins.”

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