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Cryptocurrency exchange FTX will now use the services of payments infrastructure provider Stripe to facilitate payments and streamline identity verification, Stripe announced the partnership Thursday.
The statement released Thursday revealed the company’s plans to build “a seamless onboarding and identity verification flow for users” with FTX, along with fueling payment processes for users.
In addition, Stripe has partnered with FTX and Blockchain.com to create a payment processing software for cryptocurrencies, years after the company discontinued support for Bitcoin payments.
“We want FTX to become a trusted mainstream brand. We’ve partnered with Stripe to help us transform what could be unintuitive crypto experiences into ones that exceed consumer expectations,” Tristan Yver, Head of Strategy at FTX, said in the press release.
FTX will also be using ‘Stripe Radar’ to mitigate fraud risk. The product leverages machine learning models and signals to distinguish between fraudulent users and legitimate customers, thereby enabling businesses to accept legitimate transactions. Yver added:
“The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands. We’re able to multiply revenue by making it easier than ever for people to invest in crypto.”
John Collison, a co-founder of Stripe, tweeted Thursday that the payments firm now supports crypto businesses such as exchanges, on-ramps, wallets, and NFT marketplaces. Stripe stopped its support for Bitcoin payments in 2018 citing the coin’s volatile nature and lack of efficiency as the reason behind the decision.
Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more. https://t.co/3X173SkdPd
— John Collison (@collision) March 10, 2022
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