Stripe integrates Avalanche C-Chain, enables direct AVAX purchases through its platform

Source: Crypto Briefing

Stripe, a leading financial infrastructure platform, has expanded its services to include support for the Avalanche C-Chain, according to a press release shared today. This development allows retail users to purchase AVAX, the native token of the Avalanche blockchain, directly through Stripe without the need for crypto exchanges.

As noted in the press release, Avalanche’s native wallet, Core, developed by Ava Labs, has already integrated this new feature. Users can now fund their wallets using various payment methods, including ACH transfers, debit, and credit cards.

Stripe noted that the Stripe onramp can be accessed through Core’s web extension or application. Users can sign up using Gmail or Apple ID.

The integration aims to solve the “cold start problem” many web3 companies face when users lack sufficient funds to transact on their platforms. Stripe’s solution includes handling KYC, payments, fraud, and compliance, thereby offering a frictionless entry point into the Avalanche ecosystem.

Several prominent partners within the Avalanche ecosystem have announced plans to integrate Stripe’s onramp, including GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms. This move is expected to bridge the gap between web2 and web3, attracting a new segment of users to the blockchain space.

Commenting on Stripe’s integration, Akash Gupta, Director of Consumer Products at Ava Labs, said it aims to enhance Core’s functionality and user experience. Ava Labs expects the integration to lower entry barriers and thus foster broader consumer adoption of digital currencies.

“Core’s integration with Stripe is just another step that underscores our dedication to providing users with intuitive, and streamlined solutions,” said Gupta.” 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.” 

John Egan, Head of Crypto at Stripe, also expressed enthusiasm about the partnership. He remarked:

“We’re excited to add AVAX into our onramp’s family of supported networks. Further enabling consumers to onboard into Avalanche’s growing dApp ecosystem is closely aligned to our goal of making it safe and easy for everyone to access the power of Web3.”

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Author: Vivian Nguyen