Payments giant Stripe now supports crypto businesses, including cryptocurrency exchanges, digital wallets, and NFT marketplaces.
The new Stripe application programming interfaces (APIs) accept fiat payments for crypto, provide digital wallets, payout users in fiat, leverage identity and Know Your Customer (KYC) solutions, and use data to detect and block fraudulent transactions. What is AMA in Crypto?
Stripe co-founder John Collinson announced on Twitter on March 11, and the company also partnered with FTX, FTX US, Blockchain.com, Nifty Gateway, and Just Mining to launch the crypto business suite.
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
According to Chainalysis data, crypto-criminals made a record $14 billion in 2021, as losses from scams and theft increased by 79% from the previous year. Stripe’s crypto offering advertises “fraud prevention and authorization optimization built-in.”
FTX president Brett Harrison said, Stripe’s automated identity verification “greatly increased the speed of KYC (know your customer) processing, higher rates of automated approvals, and a smoother user experience for our customers,”
Tristan Yver, FTX’s head of strategy, emphasized that the agreement will help the company reach a broader mainstream audience by making it easier for users to purchase crypto assets:
“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.”
Stripe also launched an open drop of NFT collectibles dubbed “Cube Thingies” via Nifty Gateway. The NFTs cost between $242.42 and $424.24 to develop, and all proceeds will help the nonprofit healthcare technology organization Watsi.