key takeaways
- Solana-based DEX Orca has integrated Stripe for its new fiat-to-cryptocurrency onramp.
- Orca users can now buy Solana SPL tokens on the exchange directly with fiat currencies.
- The Orca integration is yet another instance of Stripe venturing into the digital asset space.
Share this article
The Orca onramp marks the first time Stripe has integrated with a decentralized exchange on any blockchain.
Killer Whale Integra Raya
Stripe has arrived at Solana.
Orca, a leading Solana-based decentralized exchange, has integrated the leading payment service provider to launch a fiat-to-crypto onramp. The Orca onramp marks the first time Stripe has integrated with a decentralized exchange on any blockchain.
At launch, Orca users will be granted direct access to Stripe’s simple order flow, allowing them to purchase crypto assets like SOL and USDC directly with fiat currency. Purchased tokens will be transferred back to clients’ Solana wallets, where they will appear in the token panel.
“A core part of Orca’s mission is to enable broader economic access,” Orca co-founder Ori Kawn said. “With this new integration, we hope to make participation in the DeFi ecosystem even more accessible to the entire Solana community.”
Launched in February 2021, Orca allows users to trade Solana SPL tokens through its automated market maker. The protocol is permissionless, which means that smart contracts are solely responsible for executing operations. Orca aims to differentiate itself from other decentralized exchanges by placing an emphasis on usability. Throughout its development, the protocol has released several notable updates, including a fair price checker and app improvementsto improve your user experience.
In September 2021, Orca raised $18 million from several of the top VC firms in the crypto space, including Polychain, Coinbase Ventures, and Jump Capital. It has also secured integrations with other leading Solana DeFi protocols such as Tulip, Jupiter, and SolScan.
The Orca integration is yet another instance of Stripe venturing into the digital asset space. After discontinuing cryptocurrency payments in 2018, the company recently re-entered the cryptocurrency space, testing Twitter’s cryptocurrency payments through Polygon in April. Since then, the payment service provider has signaled its support for the cryptocurrency business more broadly, offering a range of services for cryptocurrency exchanges, on-ramps, wallets, and NFT markets.
Disclosure: At the time of writing this article, the author owned SOL, ORCA, and several other crypto assets.
