Additionally, FTX and FTX US announced a partnership with Stripe to provide payment and KYC services.
Stripe, a financial services company, has reintroduced itself to the realm of cryptocurrency. Today, the global payments behemoth debuted its crypto services, enabling businesses to utilize Stripe as a payment mechanism for cryptocurrency and near-field communication (NFT) transactions. Stripe provides payout services as well as know-your-customer (KYC) and fraud prevention for Web3 businesses.
Stripe co-founder John Collison announced the news Thursday, outlining the various ways the company expects to serve Web3 businesses through its crypto APIs—the interfaces through which businesses connect to Stripe’s platform.
Stripe’s crypto services are currently only offered to businesses in the United States, the United Kingdom, and the European Union. These regions, as well as Japan, are serviced through its NFT services for marketplaces.
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
Stripe announced partnerships with FTX, FTX US, Nifty Gateway, Just Mining, and Blockchain.com to enable its Web3 services. Additionally, as part of today’s announcement, it released its own NFT line called Cube Thingies, with sales benefiting the healthcare nonprofit Watsi. NFTs are one-of-a-kind blockchain-based tokens that can be used to represent ownership of digital goods such as artwork.
Stripe discontinued its Bitcoin payment services in 2018. (Strike, a corporation with a similar name, eventually stepped in to fill that need.) Stripe’s comeback to cryptocurrency comes five months after the company revealed in October last year that it was recruiting a team to build Web3 payment systems.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.