Preface and sourced by Silke Brand | This is a first: Stripe has integrated with a decentralized cryptocurrency exchange. And they have chosen the Solana blockchain. Orca users will be granted direct access to Stripe’s simple order flow, letting them buy crypto assets like SOL and USDC directly with fiat currency. Purchased tokens will then be transferred back to customers’ Solana wallets, where they will appear in the token panel.
Cointelegraph and Crypto News reveal the story.
The AMM revealed an integration with Stripe that will power its new fiat-to-crypto on-ramp, making decentralized finance (DeFi) more accessible to users both in and out of the existing ecosystem. This new integration now enables fiat purchases along with fiat-to-crypto transactions.
Users can now purchase the blockchain’s standard native SPL tokens, including USD Coin and Solana (SOL) with fiat currencies.
According to Ori Kawn, the co-founder of Orca, the new integration helps create wider access to economic tools:
“A core part of Orca’s mission is to enable broader economic access. With this new integration, we hope to make participating in the DeFi ecosystem even more accessible to the entire Solana community.”Ori Kawn, Co-founder of Orca
What is Orca?
Launched in February 2021, Orca lets users trade Solana SPL tokens through its automated market maker (AMM). This means that the protocol is permissionless, therefore smart contracts are solely responsible for executing trades. Orca aims to set itself apart from other decentralized exchanges by placing emphasis on usability. Throughout its development, the protocol has launched several notable updates, including a fair price checker and in-app improvements, to enhance its user experience.
In September 2021, Orca raised $18 million from several of the crypto space’s top venture capital firms, including Polychain, Coinbase Ventures, and Jump Capital. It has also secured integrations with other leading Solana DeFi protocols, such as Tulip, Jupiter, and SolScan.
Stripe returns to the Crypto Space
The Orca integration marks one of the first blockchain-based integration from Stripe as it continues to venture into the crypto space.
After ceasing crypto payments in 2018, the firm recently re-entered the crypto space. Back in March 2022, it announced fiat payment support for cryptocurrencies and NFTs, in addition to partnerships with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch a crypto business suite. A month later in April 2022, it worked in collaboration with Twitter to create a USDC-based payout program for creators via the Polygon network.
Effects after collapse of FTX
This comes as the entire crypto industry picks itself up after the collapse of the former powerhouse crypto exchange FTX.
Solana was one of the many in the space that felt the effects of the market chaos. Its native token, SOL, was heavily hit, plummeting 32.4% on November 10th 2022.
Nonetheless, the ecosystem received encouragement from major players in the space, such as Polygon co-founder Sandeep Nailwa, to continue building on the value of the Solana network.
Justs days prior to this in early November 2022, Solana unveiled its roadmap during the BreakPoint Conference of the Solana Foundation in Lisbon. This includes a major partnership with Google Cloud, new decentralized application stores and smartphone plans.