STRIPE The Global Payments Giant To Accept Crypto And NFTs

STRIPE The Global Payments Giant To Accept Crypto And NFTs

Quick take:

  • Stripe now supports crypto-related businesses
  • This includes crypto exchanges, on-ramps, wallets and NFT marketplaces
  • FTX and FTX.US has also partnered with Stripe for payments and KYC procedures

The global payments provider of Stripe has announced that it is now supporting crypto businesses.

The development at Stripe was announced by the company’s Co-founder, John Collison, who further elaborated that the platform now supports crypto exchanges, on-ramps, wallets and NFT marketplaces. He also added that Stripe can now facilitate ‘not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more’.

Stripe’s new services are possible through flexible APIs that can help businesses launch NFTs or crypto projects quick, while at the same time ‘fulfilling regulatory requirements, reducing fraud losses, and keeping sensitive data secure’.

With respect to NFT marketplaces, Stripe can scale marketplaces and onboard buyers and sellers within seconds. Stripe currently supports NFT marketplaces related to art, in-game valuables, and membership tokens.

Also today, Stripe announced a partnership with FTX and FTX US. The collaboration will see Stripe process customer onboarding at both exchanges as well as identity verification, and powering all payments for users topping up their trading accounts.

The President of FTX US, Brett Harrison, highlighted speed as one reason the exchange chose Stripe. He said:

We’ve recently overhauled our user onboarding process, and we’ve partnered with Stripe to bring their automated ID verification system to FTX. We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers. :-)

FTX CEO, Sam Bankman-Fried, commented via Twitter that the exchange was ‘Really excited to work with Stripe on payment processing for crypto!’