In an April 29 blog post, Ava Labs, the developer of Avalanche C-Chain network, announced that it has integrated with payment firm Stripe, enabling verified Stripe users to purchase AVAX (Avalanche’s cryptocurrency) and transfer it to their wallets. Additionally, eight Avalanche Web3 apps have been integrated with the platform.
The post explained that Avalanche app developers can now incorporate a customizable widget into their interfaces, allowing users to convert fiat currency to cryptocurrency 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, 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 occurs when users do not have sufficient funds in their wallets to conduct transactions on the platform. To tackle this issue, Stripe will handle all aspects of KYC, payments, fraud, and compliance, allowing developers to focus on their apps. 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 this integration will contribute to the global adoption of cryptocurrencies.
On April 25, Stripe also announced its integration of stablecoin payments using Circle’s USD Coin (USDC) on Solana, Ethereum, and Polygon.