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Stripe launches payments support for crypto businesses, partners with FTX

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Global payments giant Stripe has announced that it now supports crypto businesses including exchanges, wallet providers, and NFT marketplaces, among others.

According to a statement on its website on Thursday, Stripe now offers fiat payments API integration for crypto businesses to process crypto-to-fiat currency payments.

As part of the toolkit for crypto firms, Stripe says it is also offering flexible on-ramps for exchanges. These on-ramps, as co-founder John Collison put it on Twitter, will enable both fiat deposits and withdrawals for crypto exchanges.

Stripe’s crypto business toolkit also includes protocols for user identification and fraud prevention. Crypto exchange FTX and its US affiliate, FTX.US, have partnered with Stripe to improve their know your customer (KYC) protocols.

The partnership will see Stripe build user onboarding protocols including identity verification processes.

According to an announcement, the partnership will also see Stripe providing payment services for the exchange. Based on the partnership, FTX and FTX users will be able to buy crypto using debit cards and direct bank transfers via Automated Clearing House (ACH) transactions.

Today’s announcement is the first major crypto-related news from the company since it announced the creation of a team dedicated to Web3 payments in October last year.

At the time, the company stated that it was hiring engineers and designers to build the future of Web3 payments.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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