An online payment service provider, Stripe revealed its integration with the leading crypto exchange platform FTX to make easy crypto purchases. FTX and FTX U.S will use Stripe to optimize identity verification flow for users joining the exchange.
Apart from this partnership, Stripe also joined hands with Blockchain.com, Nifty Gateway, and Just Mining to launch the crypto business suite.
As per the deal, these firms will leverage Stripe’s new Application Programming Interface (API) to enable fiat payments for digital assets such as NFTs, cryptocurrency as well as to provide digital wallets, leverage identity, and Know-your-customer (KYC) solutions, and utilize.
FTX users will be able to buy crypto using debit cards and direct bank transfers via Automated Clearing House (ACH) transactions. Also, Businesses will be enabled to ensure transaction’s legality and use data to identify and block illicit transactions.
Stripe has ended a partnership with Bitcoin in 2018. However, last year, Co-founder Collinson indicated that Stripe is still open to crypto payments and it will add the support of Cryptocurrency again.
Tristan Yver, FTX head of strategy spoke on the partnership and stated that it will help the platform to gain a more mainstream audience by providing easy crypto purchase for users.
FTX is using Stripe Radar to mitigate fraud risk. FTX has also chosen Stripe Identity to build an onboarding and identity verification flow, so new crypto investors can easily prove their identity.
“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.”
To highlight the deal, Stripe launched an open drop of NFT collection “Cube Thingies” on Nifty Gateway. Each NFT from this collection has a value between $242.42 and $424.24 value. All proceeds generated from the sale will be donated to non-profit healthcare tech organization Watsi.