Stripe Announces Payment Support For Crypto Firms, Partners With FTX
Global payments firm Stripe announce support for crypto businesses such as exchanges, wallet providers, and NFT marketplaces.
The company announced in an official statement on its website that Stripe now offers fiat payments API integration for crypto businesses in order to process crypto-to-fiat currency payments.
According to the company, it will also offer flexible on-ramps for exchanges, which according to Stripe Founder John Collison, will enable both fiat deposits and withdrawals for crypto exchanges.
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
Stripe’s crypto business toolkit also comes with protocols for user identification and fraud prevention. Crypto exchange FTX and its US affiliate, FTX.US, have partnered with Stripe to improve their KYC.
Through the partnership Stripe is able to build user onboarding protocols including identity verification processes.
The partnership means that Stripe will be providing payment services for the exchange. FTX and their users will be able to buy crypto using debit cards and direct bank transfers via Automated Clearing House (ACH) transactions.
In October 2021, Stripe announced that it was hiring engineers and designers to put together a team to build the future of Web3 payments.
