Is Stripe making DeFi more accessible: KYC to hinder growth?
Decentralization has been the long-standing ethos of the crypto -verse. However, the need for centralization soon crept in forcing platforms to operate in such a manner. Therefore, a whole new space called decentralized finance or DeFi came to be. Now, payments firm, Stripe was making DeFi more accessible to the masses. In a recent blog post, Stripe announced that it would carry out fiat-to- crypto payments for firms across the globe. Customers will be able to immediately buy crypto currencies in Web3 apps with the help of the product, which is a widget that can be customized and easily integrated into a decentralized exchange [DEX], non-fungible token [NFT] platform, wallet, or decentralized app [dapp]. The Solana [SOL] network is certainly relevant here as 11 of the firm’s 16 projects were formulated on this network. In addition to this, Stripe pointed out that it manages know-your-customer [KYC], payments, fraud, and compliance challenges and provides configurable ...