By
Chimamanda U. Martha
February 28th, 2024
The partnership will see several Web 3.0 companies gain more uses and increase the usability of their products and services.
Fintech giant Stripe has entered into multiple partnerships with various web 3.0-focused firms to make the purchase of crypto easily accessible. The financial services company shared the announcement via a blog post dated December 1 in hopes of removing the complexity that usually comes with fiat-to-crypto conversions on various platforms. First of its new partners is the blockchain-based music streaming platform, Audius. Stripe also confirms that it is partnering with the Solana-based NFT marketplace Magic Eden and several other firms across the crypto ecosystem.
Stripe Names Crypto Partners
Other than Audius and Magic Eden, Stripe’s API program will also include wallet providers Argent and Backpack, blockchain gaming firm Fractal and Orca – a Web3 decentralized exchange (DEX). The implication of this is that customers on any of these platforms may now buy crypto directly without having to leave their sites. Although, according to Stripe, that is because the onramp must have been embedded directly into the NFT platform, DEX, wallet provider, or dApp.
Interestingly, Stripe also considered the burden of having to integrate multiple third parties. To cater to this, it will take up the handling of everything bordering on payments, KYC, fraud, and regulatory compliance.
Meanwhile, some of the partners have also seized the opportunity to share their excitement about the collaboration. For instance, Magic Eden CEO Jack Lu, who’s keen on expanding the platform’s reach, believes this will be a perfect opportunity. He said in part:
“…We are excited to work with Stripe to debut a fiat payment solution that will allow us to reach new Web3 users.”
Argent CEO, Itamar Lesuisse, also had some things to say. He said the partnership will go a long way to remove the barriers that exist between traditional and decentralized finance.
Intensifying The Web3.0 Push
It might also be worth mentioning that this is not Stripe’s first push toward Web 3.0. In March, it partnered with some web3 companies, in what was its first major crypto move. This was after it first announced its intentions to build a crypto-focused engineering team in October 2021.
The firm also recently completed a $600 million Series H funding, and now has a valuation of $95 billion.