Payments giant Stripe will enter crypto industry market
The Irish-American payment company plans to cooperate with cryptocurrency exchanges, digital wallets, NFT marketplaces, and anti-fraud services.
As reported on their website, the first thing Stripe suggests is to integrate an API interface for processing cryptocurrency payments and convert them into fiat money. The second step is the launch of Stripe Radar, a project with machine learning designed to identify scammers more accurately and neutralize them in time.
One of the first partners was the FTX cryptocurrency exchange. The company will help the cryptocurrency exchange simplify the user verification procedure (KYC) as well as increase its efficiency.
Recall that Stripe already tried to enter the crypto industry in 2018. Still, due to the big Bitcoin exchange rate fluctuations, it refused to support it since the digital coin rate kept changing during transactions, resulting in the company's financial losses.
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
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