The Avalanche C-Chain network has partnered with payment company Stripe, enabling verified Stripe users to purchase Avalanche’s AVAX cryptocurrency and transfer it to their wallets, as per a blog post by Ava Labs, the developer of the network. Additionally, eight Avalanche Web3 apps have integrated with the platform.
According to the post, Avalanche app developers can now incorporate a customizable widget into their interfaces, allowing users to convert fiat currency to crypto through Stripe’s platform. Eight apps have already announced their integration with the widget, including the Avalanche Core portfolio app, staking protocol GoGoPool, Avvy username service, social media platform The Arena, non-fungible token (NFT) marketplace Zeroone, Halliday wallet, web development platform Pakt, and blockchain games DeFi Kingdoms and Shrapnel.
The integration aims to address the “cold start problem” in Web3, which refers to the situation where customers do not have sufficient funds in their wallets to conduct transactions on the platform. To solve this issue, Stripe will handle all the Know Your Customer (KYC) procedures, payments, fraud prevention, and compliance, allowing the developer to focus on the app itself. Initially, the integration enables Core portfolio users to create Avalanche accounts using their Google or Apple ID and fund them with bank transfers, debit cards, or credit cards.
Akash Gupta, head of consumer products at Ava Labs, expressed his belief that the integration will contribute to the global adoption of cryptocurrencies. He stated:
“We believe that when it comes to the mass-market adoption of crypto, making the experience as seamless as possible for users is crucial. By integrating with Stripe, we are removing significant friction for users looking to enter the world of Avalanche.”
On April 25, Stripe also announced its plans to integrate stablecoin payments using Circle’s USD Coin (USDC) on Solana, Ethereum, and Polygon.