Stripe is known as a global name in the payment industry enabling individual users and enterprises to make payments and settlements around the world. Aakash Thumaty, Product Manager and Team Lead of the Crypto Team at Stripe, explained at the Breakpoint event that the company has been successful at making useful products for the world in terms of payment; however, something was missing for the Web3 ecosystem.
He explained that when they looked at the Web3 space, they realized that developers were having challenges with payment while creating dApps. We had to give this attention because “developers are the future of the web” since they will be creating the products that will onboard users globally into Web3.
Deeper into the payment challenge, they discovered that it was about “onboarding users to their products,” and developers needed a solution, he shared. And so, we created a team within Stripe to help create tools that will enable devs to solve their payment and onboarding problems.
What Stripe has built
Aakash further explained that the Stripe team has built fiat solutions to solve problems for Web3 companies, and crypto as a currency service product and is working on a truly native development kit for developers.
Because Web2 users find it difficult to understand how to operate certain Web3 tools, we are trying to support developers so they can create simple and easy tools that their users can operate seamlessly, the Team Lead shared. The crypto-fiat on-ramp tool by the team is a good start for solving payment issues between fiat and crypto.
He added that the feedback from the dev community shows that what consumers want “is an experience embedded in the application itself” instead of using payment products that involve using two or more different websites just to make payments.
The Stripe representative shared that platforms like Audius and FastAF are among its first fifteen partners that use the crypto-fiat on-ramp tool. For Audius, users get to listen to music and are able to tip their stars with the native token, while FastAF is making payments and delivery for merchants easier.
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