Solana-based market maker integrates Stripe for fiat-crypto transactions
The Solana-based automated market maker Orca opened up fiat purchases and fiat-to-crypto transactions through a new integration with Stripe’s onramp.
As the Solana ecosystem comes back from the aftershocks of the FTX liquidity earthquake, one of its leading automated market makers (AMM), Orca, announced a new integration.
The AMM revealed a new Stripe integration which will power its fiat-to-crypto onramp, to make 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 SPL tokens, which include USD Coin (USDC) 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.
“With this new integration, we hope to make participating in the DeFi ecosystem even more accessible to the entire Solana community.”
The Orca integration marks one of the first blockchain-based integration from Stripe as it continues to venture into the crypto space.
Back in March of this year, 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 it worked in collaboration with Twitter to create a USDC-based payout program for creators via the Polygon network.
Related: BlackRock CEO: FTX Token caused downfall, but tech still revolutionary
This comes as the entire crypto industry picks itself up after the collapse of the former power-house crypto exchange FTX.
Solana was one of the many in the space, which felt the effects of the market chaos. The native token, SOL, was heavily hit with its total value dropping 32.4% on Nov. 10.
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.
Prior to this Solana unveiled its roadmap which included a major partnership with Google Cloud, new Dapp stores and smartphone plans.
