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Payments processor Stripe is going all in on crypto, it seems, as it today announces its integration of Avalanche.
Just last week, the San Francisco-based firm announced it was allowing companies that use its technology to accept USD Coin (USDC) stablecoin for online payments.
And today, it said that its retail customers will have easier access to the Avalanche ecosystem. Ava Labs, the development company behind the Avalanche blockchain, said its wallet, Core, would use Stripe’s fiat-to-crypto onramp.
In short, the integration will allow users to seamlessly access usually niche crypto products and decentralized apps like decentralized exchanges and NFT platforms that run on Avalanche.
A widget will be installed in Core allowing anyone to buy Avalanche’s native AVAX coin using debit or credit cards, without going through an exchange. Stripe will take care of all things related to KYC, the announcement read.
Avalanche is a crypto network that wants to compete with Ethereum by offering a cheap and fast blockchain for developers to build upon. It is the network behind AVAX, the 13th largest digital asset with a $13.6 billion market cap. As of Monday morning, AVAX was trading above $33 after having dropped 16% since this time last week. It has lost 3.5% in the past 24 hours after having followed the trajectory of the rest of the market, which is starting the week with a lag.
Stripe’s head of crypto, John Egan, said in a press release that it's the company’s goal to “allow everyone to access the power of Web3.”
Stripe, which provides businesses with the means to accept payments, last week said it would integrate stablecoin payments into its infrastructure. Now, online businesses will be able to accept USDC, a digital token and the sixth biggest cryptocurrency by market cap.
Back in 2014, Stripe became one of the first major companies to accept Bitcoin payments. It shuttered the service back in 2018, but added that it was still “very optimistic about cryptocurrencies overall.”
Edited by Stacy Elliott.