- At launch, customers of Orca will be able to bypass the complex order book.
- Orca secured $18 million in funding from leading crypto industry VCs last year.
Orca, a prominent decentralized exchange based on Solana, has launched a fiat-to-cryptocurrency gateway after integrating the ‘Stripe’ payments service provider. Stripe’s first-ever integration with a decentralized exchange on any blockchain is happening right now, thanks to the Orca onramp.
At launch, customers of Orca will be able to bypass the complex order book of other cryptocurrency exchanges and purchase tokens like SOL and USDC using fiat cash through Orca’s integration with Stripe’s straightforward order flow. After making a purchase, tokens may be returned to a customer’s Solana wallet and shown on the wallet’s token panel.
Orca, which was launched in February 2021, is an automated market maker that allows users to trade Solana SPL tokens. Due to the protocol’s permissionless nature, transaction execution is left entirely up to smart contracts.
Stripe Makes a Comeback
In order to differentiate itself from other decentralized exchanges, Orca prioritizes ease of use. In the course of its evolution, the protocol has released a number of significant upgrades, including a fair pricing checker and in-app enhancements, to better serve its users.
Orca secured $18 million in funding from leading crypto industry VCs including Polychain, Coinbase Ventures, and Jump Capital in September 2021. It also includes certifications for interoperability with other top Solana DeFi protocols including Tulip, Jupiter, and SolScan.
The Orca integration is only the latest example of Stripe’s foray into the realm of digital assets. After temporarily suspending cryptocurrency payouts in 2018, the company is back in the crypto game as of April when it began testing out Polygon as a platform for disbursing Twitter cryptocurrencies.
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