Stripe(1), the payment processing giant, has announced the launch of its fiat-to-crypto onramp service. The move aims to address the cold boot issue, which is one of the main obstacles to crypto adoption (2).
Solving the cold start problem
The cold start problem refers to the difficulties that new users face when they want to buy cryptocurrencies. Traditionally, buying crypto requires users to have an existing cryptocurrency wallet or go through a lengthy and complex process to create one. This can be a major deterrent to many potential users unfamiliar with the technology.
Stripe’s new fiat-to-crypto onramp aims to simplify this process by allowing users to buy cryptocurrencies directly using their existing payment methods. This means users can now buy crypto using their credit or debit card without having to set up a separate wallet.
Make crypto more accessible
The launch of Stripe’s fiat-to-crypto onramp is a significant development for the crypto industry. By making the process of buying cryptocurrencies more accessible and user-friendly, the service has the potential to attract a new wave of users who were previously put off by the complexity of the existing system.
Stripe has a proven track record of successfully bringing new technologies to market. The company’s payment processing platform is used by businesses of all sizes and has processed billions of dollars in transactions. It is expected that this experience and expertise will play a crucial role in the success of the new fiat-to-crypto ramp.
