By
Mayowa Adebajo
April 11th, 2024
Thanks to the partnership, FTX users who want to buy cryptocurrencies can do so with their debit cards and direct bank transfer through the ACH network.
Global payments company Stripe has announced its partnership with FTX to make payments easier, minimize fraud, and improve customer onboarding and identity verification.
In its push to reach a wider mainstream network, FTX has been turning all stones to drive investor confidence and become a trusted brand. Recently, it announced the FTX Access Division for institutional investors.
On the partnership, Head of Strategy at FTX, Tristan Yver, noted:
“We’ve partnered with Stripe to help us transform what could be unintuitive crypto experiences into ones that exceed consumer expectations.”
Speaking on the development, Will Gaybrick, Chief Product Officer at Stripe, emphasized the firm’s commitment to helping exciting Web 3 projects and major crypto brands, including FTX.
How Stripe Will Improve FTX Services
Thanks to the partnership, FTX users who want to buy cryptocurrencies can do so with their debit cards and direct bank transfer through the ACH network. Also, FTX is relying on Stripe Radar to manage the risk of fraud. Using Radar, FTX can distinguish between identifying legitimate customers and fraudulent ones using their customer details and billing information.
Other than this, FTX will integrate Stripe Identity to build a tool for onboarding and verifying the identity of new investors. This is a far stretch from FTX’s previous identity verification and onboarding process that required manual reviews. Instead of verification taking weeks, the new integration will ensure immediate identity verification using Stripe’s machine learning model.
Seamless Integrations and Immediate Results
Yver noted that the integration with Stripe took lesser time than previously estimated because of the simplicity of the developer documents. Yver believes the optimizations will improve the on-ramp experience of their customers. Consequently, FTX will also enjoy a geometric growth in revenue as people find it easier to invest in crypto.
After completing the integration, FTX US President, Brett Harrison expressed his delight at the partnership as it will change the user onboarding process. He noted:
“We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers.”
The payment firm also announced fiat payments API integration for cryptocurrency firms in its bid to support more exchanges, wallet providers, and NFT marketplaces. It unveiled several other features not used by FTX. These include Stripe Connect, Stripe Treasury, and Stripe Issuing.