The key takeaways
- SolanaDEX powered by the Orca DEX has incorporated Stripe for its fiat-to-crypto onramp.
- Clients of Orca can now buy Solana SPL tokens with fiat currency.
- The Orca Integration is another example of Stripe Ventures entering the digital asset market.
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The Orca Onramp marks the first time Stripe has been linked up with any decentralized exchange on a blockchain.
Killer Whale Integration Raya
Stripe has arrived on Solana.
The leading payment provider has been connected with the Solana-based decentralized exchange to launch a fiat-to-crypto onramp. This marks the first time Stripe has been integrated with any decentralized blockchain exchange.
At launch, Orca clients will have direct access to Stripe’s simple order flow, allowing them to buy crypto assets such as SOL or USDC using fiat currency. The purchased tokens will be sent back to customers’ Solana wallets, which will be displayed in the token tab.
“A key part of Orca’s mission is to bring about wider economic access,” said Orca co-founder Ori Kawn. “With this new integration, we hope to make getting involved in the DeFi ecosystem even more accessible to the entire Solana community.”
Launched in February 2021, Orca Trade allows users to trade Solana SPL tokens via its automated market maker. The protocol is non-custodial, so smart contracts are responsible only for the execution of orders. Orca aims to stand out from other decentralized exchanges through an increased focus on usability. It has seen several major updates during its development, such as an in-app price checker and UI improvements.
In September 2021, Orca was backed by some of the top venture capital firms in cryptocurrency, including leading VCs from the crypto space such as Polychain, Coinbase Ventures?, and Jump Capital. It has also secured integrations with leading Solana protocols such as DeFi, Tulip, Jupiter and SolScan.
The Orca Integration is another example of Stripe Ventures entering the digital asset market. After stopping accepting cryptocurrency payments in 2018, the company has recently reentered the crypto space by testing Twitter’s Bitcoin payments via Polygon in April. The payment service provider now offers a wide range of services to cryptocurrency exchanges, on-ramps, wallets and NFT markets.
Disclosure: At the time this article was written, the author held SOL, ORCA and other crypto assets.