fxstreet.com
- Stripe makes another cryptocurrency move by integrating AVAX and Core into its platform.
- Users can purchase AVAX directly on Stripe, along with dapps and NFTs.
- The partnership with Stripe may stir traffic into the Avalanche ecosystem and cause more interest in web3.
Avalanche (AVAX) gained 4.6% on Monday after announcing its strategic partnership with Stripe. The move could spur growth for the AVAX token in the long term.
Stripe to integrate AVAX
Avalanche announced in a blog post on Monday that Fintech giant Stripe has recently integrated the layer one blockchain into its platform. Stripe made the move to partner with Avalanche to strengthen its fiat-to-crypto onramp for US business users who wish to make transactions with cryptocurrencies.
Just last week, Stripe announced its intention to allow users to make transactions with the USDC stablecoin as a way of resuming crypto transactions on its platform again.
Avalanche's native ecosystem wallet, Core, has also been integrated into Stripe, enabling users to access the AVAX token, dApps and NFTs available in the Avalanche ecosystem.
According to Avalanche, this move is part of a plan to bridge the gap between crypto and fiat while strengthening partnerships between web2 and web3 companies.
"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," said Akash Gupta, Head of consumer products at Ava Labs.
Avalanche previously partnered with Alipay to introduce a Web3-enabled voucher program as part of a two-part proof-of-concept (POC). MUA DAO collaborated with Avalanche to power a Metaverse experience at Hong Kong's Fintech Week. Avalanche has also partnered with other top firms like Deloitte, Amazon, ANZ, Republic, MapleStory, etc.
With this new move with Stripe, Avalanche seeks to drive traffic into web3 as it would allow the layer one blockchain platform to onboard web2 users easily.
The move also appears good for the AVAX token. As it's being used as a direct means of payment and purchase on Stripe, the increased attention would be a good foundation to kick-start a potential rally.
Since the announcement of its Stripe partnership, Avalanche has gained 4.6% despite a general decline across top cryptocurrencies.