The Solona-based DEX Orca opened up fiat purchases and fiat-to-crypto transactions through a new integration with Stripe’s onramp.
One of the top automated market makers (AMM) in the Solana ecosystem, Orca, recently announced a new integration as the ecosystem recovers from the aftershocks of the FTX liquidity earthquake.
The AMM unveiled a new Stripe integration that will power its fiat-to-crypto onramp and increase users’ access to decentralized finance (DeFi) both inside and outside of the current ecosystem.
With the advent of this new connection, both fiat-to-crypto and fiat-to-fiat transactions are now possible. Users can now use fiat money to buy SPL tokens like USD Coin (USDC $1.00) and Solana (SOL $14). Ori Kawn, a co-founder of Orca, claims that the new integration contributes to broader access to economic instruments.
“With this new integration, we hope to make participating in the DeFi ecosystem even more accessible to the entire Solana community.” As Stripe continues to foray into the cryptocurrency world, the Orca integration represents one of its first blockchain-based integrations.
Back in March of this year, it announced partnerships with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining as well as support for fiat payments for cryptocurrencies and NFTs in order to introduce a crypto business suite.
A month later, it collaborated with Twitter to develop a USDC-based creator payout program that was accessible through the Polygon network. This occurs when the whole cryptocurrency sector is recovering from the demise of FTX, a former powerhouse exchange.
Solana was one of several people in the area who were impacted by the pandemonium in the market. SOL, the native token, suffered greatly on November 10, as its overall value fell by 32.4%.
Major players in the market, like Sandeep Nailwa, co-founder of Polygon, encouraged the ecosystem to keep enhancing the value of the Solana network, though. Prior to this, Solana unveiled its roadmap, which included plans for new Dapp stores, a significant partnership with Google Cloud, and smartphones.
