Solana-based DEX Orca has integrated the payments service provider to provide a fiat-to-crypto onramp. This is the first time Stripe has linked with a decentralized exchange on any blockchain.
At launch, Orca customers will have direct access to Stripe’s order flow, allowing them to instantly purchase crypto assets such as SOL and USDC via fiat. Afterward, purchased tokens will be returned to clients’ Solana wallets, where they will be shown on the token panel.
Ori Kawn, the co-founder of Orca, stated that facilitating greater economic access is central to the organization’s aim. This new connection will make participation in the DeFi ecosystem more accessible to the broader Solana community.
Stripe debuted its fiat-to-crypto payments onramp — and 11 of the 16 projects in the program are built on Solana:@AudiusProject @xNFT_Backpack @FastAF @fractalwagmi @glowwallet @MagicEden @magic_labs @orca_so @ottrfinance @spotwallet @UltimateMoney $SOL $USDC @solana https://t.co/50XLYMBt8E pic.twitter.com/Mvniseyh0k
— S◎L mates ☀️ (@Solana_Mates) December 14, 2022
Orca, released in February 2021, allows users to trade Solana SPL tokens via its automated market maker. The protocol does not require authorization; therefore, smart contracts are fully responsible for completing deals.
Orca distinguishes itself from other decentralized exchanges by emphasizing usability. The protocol has released several noteworthy upgrades, including a fair pricing checker and in-app enhancements, to improve the user experience.
In September 2021, Orca secured $18 million from some leading venture capital firms in the crypto sector, including Coinbase Ventures, Polychain, and Jump Capital. It has also secured connectors with other prominent Solana DeFi protocols, including Jupiter, Tulip, and SolScan.
The Orca integration represents Stripe’s further expansion into the digital assets market. After suspending crypto payments in 2018, the company has lately re-entered the crypto arena, experimenting with Twitter crypto payouts via Polygon.
Since then, the payment services provider has expressed a broader commitment to the crypto sector by offering multiple services to crypto exchanges, onramps, wallets, and NFT markets.