Stripe has added cryptoassets and non-fungible tokens (NFTs) to its payment and know-your-customer (KYC) services, while crypto exchange FTX and its US branch have also partnered with Stripe.
Stripe co-founder John Collison made the following announcement:
“Exchanges, on-ramps, wallets, and NFT marketplaces are now supported by Stripe.” Payouts, KYC “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.”
Stripe opted to offer a suite of goods, according to the company’s crypto page, allowing businesses to utilize it as a payment method for crypto and NFT transactions, as well as a tool to enroll Web3 users.
Users may expand markets and onboard customers and sellers “within seconds for any kind of [NFT] marketplace,” according to the company, as well as validate the legitimacy of ID documents from more than 33 countries.
Fast launching of first NFT or crypto initiatives for enterprises, as well as stablecoin rewards, are also highlighted by the corporation.
They also offer fiat payment APIs, claiming that the payments platform is “designed to increase conversion and reduce fraud at every step of the payment flow.”
Stripe’s banking-as-a-service APIs, Treasury, and Issuing, according to the site, are available to wallet and decentralized finance (DeFi) product developers.
Users in more than 180 countries can deposit funds using “dozens” of local payment methods in more than 135 currencies, according to the site.
Stripe’s crypto feature availability for businesses in the field varies by country and use case, according to the support website, and the company “may require additional information before you can start processing payments with Stripe” depending on “how your business is set up.”
The services are currently offered in the United States, the United Kingdom, and the European Union, with some NFT sales also available in Japan.
According to the corporation, FTX US President Brett Harrison stated:
“We recently redesigned our user onboarding process, and we’ve partnered with Stripe to bring their automated ID verification system to FTX.” We’ve seen a significant rise in the speed with w“We’ve recently overhauled our user onboarding process, and we’ve partnered with Stripe to bring its automated ID verification system to FTX. We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX [user experience] for our customers.”
Blockchain.com, Nifty Gateway, and Just Mining are among the other companies featured on the website, all of which suggest established deals.
While the company first accepted bitcoin (BTC) payments in 2014, they ceased accepting them in 2018, citing the fact that it had become “less useful for payments” in recent years, citing block size constraints, slow confirmation periods, and increasing costs as causes.
Stripe then began recruiting for a team of engineers for its crypto operations in October of last year, in what some speculated may be a significant step for the crypto sector.
Their 2018 post was amended on March 10 this year, and now reads:
“Since the original publication of this blog post, more than four years ago, we’ve learned that our optimism for the future of crypto was not unfounded. From new developments in blockchain infrastructure to widespread interest from major financial institutions, crypto is going mainstream.”
