Wednesday, September 28, 2022

Stripe Ventures Back into Crypto, Partners FTX for Better Services

After a break from the Bitcoin (BTC) business that spanned four years, Stripe in partnership with FTX has returned to make crypto investments easier than it ever was. To this end, the payment giant has launched a range of products that comprises exchanges, on-ramps, wallets, NFT marketplaces, KYC, fraud detection, and a host of others, as announced on Twitter by the Co-founder John Collison.

Stripe noted that the partnership with the crypto exchange platform FTX will bring about the provision of payment services for users of FTX and its affiliate FTX.US.

Customers will be enabled to purchase over 135 cryptocurrencies using debits cards and direct bank transfers. This would serve as the company’s re-entry into the crypto space after it decided to stop crypto participation in 2018 given the currency’s volatility, high cost of processing fees, and slow transactions times.

The payment platform in October last year started hiring a team of Engineers and Designers assigned to Web3 projects and its crypto operations. The company also made it known that users can scale marketplaces thereby bringing people to purchase, sell, and also ascertain the originality of ID documents from over 33 countries. The products launched will be used as a payment method for crypto and NFT transactions as well as becoming a medium to bring in web3 users.

The Irish-American financial company provides Application Programming Interface APIs that web developers use to integrate payment processing into their websites and mobile applications. The company also has anti-fraud tools named “Radar” that block fraudulent transactions. 

FTX will benefit from the partnership by relying on Stripe’s user identification protocol to improve its KYC processing and make sure everyone is who they claim to be in the crypto space.

Stripe is also working with NiftyGateway, Blockchain.com, and Just Mining in furtherance of its web3 projects according to Will Gaybrick, the company’s Chief protocol officer. The company is currently the payment processor for Google and Amazon.

Stripe in a bid to expand its reach to Africa, acquired Paystack, a Nigerian payment processing platform in a $200 million estimated deal. It also raised $600 million in March 2021 attaining a valuation of $95 billion geared towards expanding its European headquarters.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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