Stripe, a global technology company that builds online payment infrastructure, today announced the use of its services by numerous crypto companies.
FTX, one of the world’s leading crypto currency exchange platforms, along with its U.S. subsidiary FTX US are using Stripe Identity to implement a more efficient identity verification (KYC) system for users who wish to join the exchange.
The platform will be able to allow users to add funds to their FTX account directly through the Stripe payment processor.
“We recently redesigned our user onboarding process and partnered with Stripe to integrate their automated identity verification system with FTX. We are seeing a significant increase in KYC processing speed, a higher rate of automated approvals, and a smoother user interface for our customers.”
Brett Harrison, president of FTX exchange
According to Stripe, FTX also uses Stripe Radar to mitigate the risk of fraud. The Radar tool uses machine learning models and signals, including customer details and billing information, to distinguish fraudsters from legitimate customers. This allows FTX to accept as many legitimate transactions as possible, generating additional revenue without additional effort.
As a reminder, Stripe expressed a fairly open stance on crypto currencies already a few months ago. Back in November 2021, when Stripe co-founder John Collison was asked about the possibility of the company accepting crypto-currency payments, his answer was more than interesting:
“Not at the moment, but I think it is not unlikely that this will be the case in the future.”
John Collison, co-founder of Stripe
More recently, Stripe announced the creation of a team focused on exploring crypto-currencies and Web 3, which seems to have been quickly successful based on this news.
Among the crypto companies seeking Stripe’s services is Nifty Gateway, a platform for selling NFTs. The NFT exchange will now be able to allow its users to make their NFT purchases through a card payment managed by Stripe.
Other notable companies include Just Mining, the blockchain investment expert and Blockchain.com, a crypto exchange platform.
Stripe obviously doesn’t plan to stop there, and Guillaume Poncin describes a growing crypto team looking for project managers, data scientists, engineers, marketing managers and partnership managers.
