Cryptocurrency exchange FTX has entered into a partnership with financial services and software as a service (SaaS) company Stripe.
According to a statement, FTX and its US subsidiary selected Stripe to facilitate onboarding and identity verification for users seeking to join the exchange.
The move will involve the use of Stripe Identity to build an onboarding and identity verification flow.
It is expected to eliminate the need for time-consuming manual reviews and replace it machine-learning driven real time identity verification.
Stripe will also enable the users to buy cryptocurrencies with debit cards and Automated Clearing House (ACH) transactions from their bank.
FTX Strategy head Tristan Yver said: “We want FTX to become a trusted mainstream brand.
“We’ve partnered with Stripe to help us transform what could be unintuitive crypto experiences into ones that exceed consumer expectations.”
Additionally, FTX will also use Stripe Radar to reduce fraud risk.
The solution leverages machine learning models and signals such as customer details and billing information to determine fraudsters.
Yver added: “The optimisations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands.
“We’re able to multiply revenue by making it easier than ever for people to invest in crypto.”
The partnership comes as Stripe resumes support for cryptocurrencies.
The company terminated Bitcoin support in 2018 citing that it had become an asset to be traded becoming less useful as a payment means.
In a tweet, Stripe co-founder John Collison said: “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.”
In January, Stripe agreed to acquire terminal manufacturing partner BBPOS.