Leading cryptocurrency exchange FTX has partnered with digital payments processor Stripe to build a new fiat-to-crypto system that offers a seamless onboarding of fiat funds while at the same time drastically shortening the identity verification processes.
Key takeaways:
- According to Thursday’s press release, FTX’s collaboration with Stripe will drastically improve the cryptocurrency buying experience for users that wish to use debit cards and bank transfers to onboard fiat to their exchange accounts.
- In addition to building a new fiat on-ramp, Stripe will aid FTX with its advanced identity verification software powered by machine learning algorithms. “We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers,” commented Brett Harrison, the president of FTX.US.
- According to Tristan Yver, Head of Strategy at FTX, payments optimization allows FTX to meet the demands of a rapidly growing user base and “to multiply revenue by making it easier than ever for people to invest in crypto.”
- As a part of the recently minted partnership, FTX will make use of Stripe Radar, a machine learning-powered fraud prevention mechanism, to identify potential malicious actors camouflaging as legitimate customers.
- The news of Stripe working with FTX comes roughly four months after the payments processing giant announced it is hiring engineers and designers “to build the future of Web3 payments.”
- According to data curated by cryptocurrency tracking platform CoinCodex, FTX is the seventh-largest spot trading platform in the world, regularly facilitating more than $2 billion in trading volume. What’s more, FTX trails only Binance as the industry’s second-largest derivatives trading platform.
