- Stripe is a company that provides payment services.
- The company accepted bitcoin from 2014 to 2018 and is now partnering with FTX.
Stripe, a payment processor and financial services provider for businesses, announced a partnership with cryptocurrency exchange FTX. In doing so, the company re-enters the Bitcoin (BTC) industry, which was removed in 2018 after ceasing to offer cryptocurrency business since 2014.
The Bitcoin exchange selected Stripe as its processor to support its users' payments and create an authentication system. Tristan Yver, a director of the company, said, "We want FTX to be the leading brand to trust."
To achieve this, they have on the one hand replaced the old manual identity verification system with an automated real-time KYC system, which could take days to complete. On the other hand, it enables users to purchase cryptocurrencies via credit card payments or bank transfers.
Sprite is once again offering Bitcoin payments to businesses after partnering with the FTX exchange. Source: Stripes.
We partnered with Stripe to help us transform a potentially unintuitive cryptocurrency experience into one that exceeds consumer expectations.FTX Director Tristan Yver.
Streak Betting on Bitcoin Again
The partnership with FTX allowed Stripe to resume processing bitcoin payments, which stopped four years ago. CriptoNoticias reported at the time that the company had communicated its decision to cease operations due to high commissions and the long confirmation times generated by transactions.
This happens when the Bitcoin network is experiencing scalability difficulties. Something that inconveniences customers, as their transactions take time to process and the value of bitcoin fluctuates relative to the US dollar in the process, which can be inconvenient for them.
Now they are ensuring that their transactions are fast through their association with FTX, and they have enabled the service again, which is targeted at businesses that want to provide payment facilities to their customers through trust currencies or cryptocurrencies. This shows his full participation in the Bitcoin ecosystem.
In addition, they have opened other technical services such as identity verification methods, KYC, and fraud prevention. The latter assesses the risk of fraud based on data received from all layers of the financial system, integrating data from the purchase process, detailed payment information, and information from the card network and the bank.