Stripe, the online payments company, is getting more into crypto as it adopts a “new comprehensive solution,” with exchanges, wallet providers and NFT marketplaces, according to the Irish Times.
Stripe will also offer fiat payments API integration for businesses, letting them process crypto-to-fiat currency payments.
Stripe’s decision is important because of the poor way crypto companies have usually been treated by payments providers. Many of them have experienced “poor authorization rates and reliability,” and Stripe said it wanted to add its payment infrastructure to help improve the businesses and make crypto more accessible.
John Collison, co-founder of Stripe, said in a tweet that the company supports all crypto businesses “not just for pay-ins, but also for payouts, Know Your Customer (KYC) and identity verification, fraud prevention and lots more.”
Stripe now supports crypto businesses: exchanges, on-ramps, wallets, and NFT marketplaces. Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more. https://t.co/3X173SkdPd
— John Collison (@collision) March 10, 2022
In addition, Stripe announced that it’s supporting leading exchange FTX, which works with derivatives and options trading.
FTX has raised $1.8 billion from backers like Temasek and SoftBank.
FTX, the report said, has been growing rapidly for a few years now, and is now focusing on the broader consumer investor community. Stripe was chosen to help it build an onboarding and identity verification solution for those joining the exchange, and to power payments for people adding funds to their FTX accounts.
In February, PYMNTS wrote that Stripe was considering an IPO and was also going through some personnel changes.
Ex-COO Claire Hughes Johnson moved into being a corporate officer with an advisory role as of April 2021.
Additionally, several executives and key staff members were changing roles in the past year.
Hughes Johnson, PYMNTS reported, has worked with Stripe since 2014, just five years since the company rolled out. Her new job involved dispensing corporate strategy and coaching managers.