Stripe is back in the cryptocurrency business. Four years after abandoning Bitcoin (BTC), the payment processor has just offered its services to cryptocurrency companies. Among other things, Stripe promises to make it easier to fight fraud, verify investors’ identities and make debit card payments.
Stripe offers payment service to cryptocurrency firms
Stripe, the popular payment processor for internet businesses, is opening up to cryptocurrencies again. This March 10, 2020, the American company announced the launch of a suite of products dedicated to firms specializing in digital currencies such as Bitcoin (BTC).
“Stripe now supports cryptocurrency businesses: exchanges, digital wallets and NFT exchange platforms,”announced John Collison, co-founder of Stripe, on his Twitter account.
On its official website, Stripe says it wants to enable cryptocurrency businesses “to access the global financial infrastructure without the outdated requirements of traditional payment providers.” The offering is aimed at established players in the ecosystem and newcomers exploring new opportunities.
Stripe’s suite of products includes the ability to create digital wallets, facilitate stablecoin transfers, or accept more than 135 fiat currencies in a total of 180 countries, among others.
The payment processor is committed to minimizing the risk of fraud through its platform. To that end, Stripe will take over the management of the KYC (Know you Customer) form.
“We partnered with Stripe to integrate their automated identity verification system with our FTX system. Since then, KYC processing is much faster, automated approval rates are higher and the user interface is smoother for our customers,”said Brett Harrison, president of FTX US.
The form collects buyer identity information to combat fraud, money laundering or terrorist financing. To detect fraud, the company has also developed Stripe Radar. This tool uses machine learning to identify potential fraudsters.
Stripe also addresses marketplaces dedicated to non-fungible tokens (NFT) by allowing them “to accept buyer and seller registrations in seconds.”
The payment processor pledges to “confidently verify the authenticity of identity documents issued by over 33 countries” as part of an enrollment. With its Identity tool, Stripe boasts that it can spot falsified identity documents.