Transitioning from fiat currency to crypto and vice versa remains challenging. Better onramp and off-ramp solutions are needed to facilitate this process for mainstream users. Stripe and Venly join forces to tackle this challenge head-on with the new fiat-to-crypto onramp pilot.
Venly Joins Stripe’s Fiat-to-crypto Onramp
Most cryptocurrency enthusiasts are familiar with the company Stripe. It is a prominent fintech service provider that has paid close attention to cryptocurrencies. In addition, the company will pilot a new service to streamline fiat-to-crypto onboarding. Venly, a blockchain technology provider, is one of 16 initial partners in this upcoming trial.
The new partnership enables Venly Wallet users to complete Stripe’s fiat-to-crypto onramp process. Consumers benefit from fast, efficient, and secure transfers, making it easier to access cryptocurrencies. However, the industry remains subject to many unnecessary hurdles newcomers must overcome. Streamlining the process ensures that Bitcoin and other crypto assets can achieve mainstream traction.
The benefit of this approach is that users only need one ecosystem. They can do everything through the Venly app rather than dealing with multiple platforms and services. Moreover, users don’t need to open a crypto wallet or complete a KYC process before worrying about converting fiat to crypto. Instead, they benefit from a seamless experience that removes all complexity. Stripe handles all security and compliance aspects.
Furthermore, becoming part of this fiat-to-crypto onramp benefits Venly. The firm wants to bring more people into Web3. In addition, they offer developers and businesses the tools to integrate decentralized technology. The decentralized internet of the future has garnered tremendous attention, and integrating it into everyday life is the next hurdle to overcome.
Streamlining Access to Crypto Assets
The new fiat-to-crypto onramp by Stripe will provide access to various assets. Initially, the platform will work with Solana, Polygon, and Ethereum blockchains. There is also USDC support for NFT platforms, DEXes, crypto wallets, and dApps. It does not appear there will be any focus on Bitcoin, the world’s leading cryptocurrency. Although it doesn’t have a big Web3 presence, any fiat-to-crypto onramp should enable access to the most prominent and secure crypto asset.
The new onramp will feature a customizable API for developers. That enables them to build new products and services without worrying about payments and conversions. Moreover, Stripe’s backend infrastructure performs identity verification and other regulatory compliance matters. Solutions like these can help onboard millions of people, assuming sufficient interest in using the fiat-to-crypto onramp.