Payments Giant Stripe Launches Crypto Business Support

Payment processing firm Stripe is now offering tools and services to cryptocurrency-focused businesses.

In a new use-case announcement, Stripe says it’s making a wide suite of solutions available to the crypto industry, including accepting fiat currencies, identity verification and protection against fraud.

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Stripe co-founder and CEO John Collison took to Twitter to share some of the new features available to businesses.

“Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT [non-fungible token] marketplaces.

Not just pay-ins but payouts, KYC [know your customer] and identity verification, fraud prevention, and lots more.”

Among the biggest firms to sign on with Stripe is popular crypto exchange platform FTX, which averages around $14 billion worth of transactions per day.

FTX’s head of strategy Tristan Yver says of the new alliance,

“We want FTX to become a trusted mainstream brand.

We’ve partnered with Stripe to help us transform what could be unintuitive crypto experiences into ones that exceed consumer expectations.”

One feature FTX will be employing is Stripe Identity, which does away with users performing ID verification manually and replaces it with an efficient, automated process.

FTX CEO and billionaire Sam Bankman-Fried says in a tweet,

“Really excited to work with Stripe on payment processing for crypto!”

Several years ago, Stripe abandoned processing Bitcoin (BTC) transactions due to volatility concerns, but last fall Collison said the company was reconsidering its stance on digital assets.

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FTX’s native asset FTX Token (FTT) is trading for $40.40 at time of writing, down 6.7% from its weekly high of $43.31.

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Featured Image: Shutterstock/jamesteohart/Natalia Siiatovskaia/Nikelser Kate

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