- Avalanche makes an incredible move to expose its native token to a broader audience with a strategic collaboration with Fintech “heavyweight” Stripe.
- This partnership would provide the “luxury” for users to purchase AVAX directly from Stripes without the need for any third party.
Avalanche (AVAX), a crypto and blockchain platform known for its enviable speed and scalability announces a strategic partnership with Fintech giant Stripe as part of the plans to extend its services to a broader audience. Explaining the details in a blog post, Avalanche disclosed that retail users would now be able to purchase its native token, AVAX, directly through Stripe, eliminating the need for an exchange.
The move would also strengthen Stripe’s fiat-to-crypto onramp – a customizable widget integrated into Avalanche DApps which include NFTs platforms and digital wallets for US business users.
According to the official statement, Avalanche’s native ecosystem wallet and portfolio built by Ava Labs, Core, has had Stripe’s onramp integrated to enable users to purchase assets on its blockchain. Through that, Core users would have the mandate to select the Stripe onramp needed to fund their wallets using ACH, debit, and credit cards.
Interestingly, the developers have already made provisions for new users to create a Core wallet via Gmail or Apple ID. With that, AVAX could be purchased through Core’s extension or web app core.app.
Commenting on this, Akash Gupta, Head of Consumer Products at Ava Labs explained that the collaboration would bridge the gap between the traditional financial system and crypto.
Core’s integration with Stripe is just another step that underscores our dedication to providing users with intuitive, and streamlined solutions. By further bridging the gap between crypto and fiat, Core continues to pave the way for seamless onboarding and broader consumer adoption of digital currencies in everyday transactions.
The Avalanche (AVAX) and Stripe Collaboration to Offset Major Web3 Problem
For Stripe, this move could be an advanced step in addressing the “cold start problem” facing Web3 companies. As explained in the official report, this challenge occurs when customers are usually confronted with the problem of not having enough funds in their wallet when attempting to carry out a transaction. In addition to offsetting this, Stripes handles all the “KYC, payments, fraud, and compliance.”
John Egan, Head of Crypto at Stripe believes that this strategic decision falls in line with their goals and would enable consumers to onboard into the growing DApp ecosystem.
We’re excited to add AVAX to our onramp’s family of supported networks. Further enabling consumers to onboard into Avalanche’s growing dApp ecosystem is closely aligned to our goal of making it safe and easy for everyone to access the power of Web3.
For context, Stripe’s on-ramp has over the years provided ways for users to fund their wallets seamlessly with supported tokens. With the addition of AVAX, most Avalanche ecosystem partners which include GoGoPool, Avvy, Pakt, Zeroone, Halliday, The Arena, Shrapnel, and DeFi Kingdoms have declared their intentions to integrate with Stripe. Fascinatingly, this remains one of the many jaw-dropping collaborations sealed in recent times. According to verified sources, Avalanche has also partnered with several top firms such as “Deloitte, Amazon, ANZ, Republic, MapleStory, etc.”
Most importantly, AVAX investors have reacted strongly to this development with an aggressive accumulation pushing the asset up by 5% in the last 24 hours. At press time, AVAX was trading at $34.
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