The Solana-based automated market maker Orca has integrated with Stripe to enable fiat-to-cryptocurrency and fiat-to-fiat transactions.
Orca, one of its major automated market makers (AMM), has announced a new integration as the Solana ecosystem recovers from the tremors of the FTX liquidity earthquake.
The AMM disclosed a connection with Stripe that would enable its new fiat-to-cryptocurrency on-ramp, making decentralised finance (DeFi) more accessible to users within and beyond the current ecosystem. This new interface supports both fiat-to-cryptocurrency and fiat-to-fiat transactions.
The new connection, according to Ori Kawn, co-founder of Orca, facilitates broader access to economic instruments.
We anticipate that this new connection will make participation in the DeFi ecosystem more accessible to the broader Solana community.
The Orca connection is one of Stripe’s first blockchain-based integrations as it seeks to expand its presence in the cryptocurrency market.
In March of this year, it announced support for fiat payments for cryptocurrencies and NFTs, as well as agreements with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining to develop a crypto business suite.
A month later, it collaborated with Twitter to develop a USDC-based compensation scheme for Polygon network authors.
This comes as the whole crypto sector recovers from the bankruptcy of the once-dominant cryptocurrency exchange FTX.
Solana was among the numerous individuals in the sector who suffered the repercussions of the market’s disorder. On November 10, its native token, SOL, was severely impacted, falling 32.4%.
However, important participants in the industry, such as Polygon co-founder Sandeep Nailwa, encouraged the ecosystem to continue enhancing the value of the Solana network.
Prior to this, Solana revealed its road map, which includes a significant relationship with Google Cloud, new decentralised application stores, and smartphone ambitions.