Stripe just killed MoonPay, Ramp, and dozens of other FinTechs 🤯; EU’s Metafail 🤦; N26 is shaping a new FinTech ecosystem in Europe 🚀
FinTech is Eating the World, 2 December
Hey Everyone,
TGIF! I couldn’t wish for a better issue to finish off an intensive week than today’s one 🔥 It’s super exciting! We’re looking at Stripe which just killed MoonPay, Ramp, and dozens of other FinTechs (we’re going to see why it’s a massive move, look at Stripe’s strategy map & 3 bonus reads); EU’s Metafail (& why it’s similar to Bitcoin in El Salvador), and N26 that is shaping a new FinTech ecosystem in Europe (why it matters + a bonus dive into N26’s strategy). Let’s jump straight into the awesome stuff:
Stripe just killed MoonPay, Ramp, and dozens of other FinTechs 🤯
The launch 🚀 Payment heavyweight Stripe is launching its own fiat-to-crypto on-ramp, allowing customers to exchange dollars for cryptocurrencies. This is massive news, so let’s take a closer look.
More on this 👉 Stripe’s new offering aka fiat-to-crypto on-ramp is a customizable widget that can be embedded directly into a decentralized exchange (DEX), non-fungible token (NFT) platform, wallet, or decentralized app (dapp) and is designed to allow customers to instantly purchase cryptocurrencies in Web3 apps.
It’s interesting to note that 11 of the company's initial 16 projects are built on Solana (which failed to show reliability thus far).
The best thing? Stripe said it offers customizable on-ramping services and handles know-your-customer (KYC), payments, fraud, and compliance issues.
For now, Stripe’s new products are slated to only be available to US customers, with availability to other countries in the works.
Why this matters? 🤔 This is a huge move not only because Stripe is now coming after giants like MoonPay or Ramp. More importantly, it just killed a dozen of similar Fintech startups. Here’s more on that, a look into Stripe’s strategy map + the takeaway (& 3 bonus reads!):