Magic Eden, Audius and Argent among Stripe's new partners for crypto onramp

Quick Take

  • A handful of web3 companies including Magic Eden and Argent are partnering with fintech unicorn Stripe to integrate its fiat-to-crypto onramp solution.
  • Stripe formally announced the onramp service in March of this year.

Several web3 companies are now making it easier to use their services through a new partnership with fintech titan Stripe.

Solana-based NFT platform Magic Eden, blockchain music streaming platform Audius and wallet provider Argent are among the first partners, according to a blog post from Stripe. 

Web3 DEX Orca, blockchain gaming startup Fractal and wallet provider Backpack are also involved in the program.

The API integration created by Stripe means that customers will now be able to make fiat purchases of crypto directly on the platforms and will no longer have to navigate offsite to transfer assets into crypto before making purchases.

The onramp is a customizable widget that developers can embed directly into their decentralized exchange, NFT platform, wallet or dApp, according the blog. Stripe handles all the KYC, payments, fraud and compliance, removing the need to integrate multiple third-party services. 

Stripe's push into web3

Stripe formally announced a separate service in March of this year where it supported web3 companies with some products. It was the startup's first big move into providing services to the crypto industry having only previously announced plans to form a crypto-focused engineering team in October 2021.

Stripe’s CEO and co-founder Patrick Collison previously said he's "very skeptical of anyone who’s adamant that crypto’s gonna work" but also acknowledged that companies should try new things, even if they have a good chance of failing. 

The startup, which is valued at $95 billion, most recently raised $600 million in a Series H funding round in May of last year.

This article was updated after publication to clarify Stripe's moves into web3.

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