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  • Payment
  • United States

Stripe and Avalanche partner to facilitate access to cryptos

Blockchain platform Avalanche has initiated a strategic partnership with Stripe for cryptocurrency payment acceptance, offering users the ability to acquire AVAX tokens directly through Stripe. This integration aims to facilitate access to the Avalanche ecosystem, and democratise cryptoassets.

FACTS

  • Avalanche has therefore announced the launch of a partnership with Stripe concerning the acceptance of cryptocurrency payments.

  • Thanks to this partnership, purchases of AVAX cryptocurrencies (Avalanche tokens) can now be made directly via Stripe, without going through an exchange platform.

  • The financial infrastructure platform now supports Avalanche's C-Chain, facilitating fiat-crypto exchanges. To achieve this, Avalanche is using Core, its native wallet, which has integrated Stripe's access ramp.

  • In practical terms, the Stripe widget is integrated into the 'dApps' linked to Avalanche (decentralised and digital applications) such as DEX, NFT platforms and digital wallets.

  • To fund their wallets via Stripe, users can use payment methods such as debit and credit cards.

  • Partners in the Avalanche ecosystem are also planning to integrate with Stripe. These include GoGoPool, Avvy, Pakt, zeroone, Halliday, The Arena and others.

  • Stripe will also handle KYC, payments, fraud and compliance issues.

  • According to Avalanche, this new service is currently reserved for the US market.

CHALLENGES

  • Making the Avalanche ecosystem more accessible: By integrating with Stripe, Avalanche aims to make it easier for its users to bring cash into the ecosystem. This could also increase the number of newcomers to Avalanche. This narrowing of the gap between fiat currency and cryptocurrency is an important step in the adoption of cryptocurrencies for everyday use.

  • Helping Web3 businesses: The Stripe integration will also solve some of the problems identified by Web3 businesses, such as the "cold start problem". This refers to new customers arriving on Web3 who do not have crypto in their wallets to carry out their transactions. Stripe therefore aims to make it easier for users to buy cryptos when they need them.

  • Meeting legal requirements: Stripe's expertise in KYC, anti-fraud and security will also make it possible to offer a reliable and secure service that complies with legal requirements. An asset for users, but also for Web3 players.

MARKET PERSPECTIVE