Global payments giant Stripe has announced that it will start offering fiat payments API integration for crypto businesses including exchanges, NFT marketplaces, and wallet providers among others to enable them to process crypto-to-fiat currency payments.
It is a huge win for crypto firms around the world since it shall allow customers to seamlessly make payments regardless of the form of currency required as payment since the API will help with the conversions.
Stripe also said that it shall offer flexible on-ramps for crypto exchanges. The on-ramps will enable crypto users to deposit and withdraw from crypto exchanges as stated by Stripe’s co-founder John Collison via a tweet.
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
Last year in October, Stripe announced the creation of a team that was to look at Web3 payments and today marks the first major crypto-related project that the payment provider has undertaken. It had immediately hit the ground running by hiring designers and engineers to build the future Web3 payments and it seem to have paid off.
Stripe partnership with FTX exchange
Right on the heels of the announcement of supporting crypto businesses, Stripe also announced that it has partnered with crypto exchange FTX and its US affiliate FTX.US to improve their Know-Your-Customer (KYC) protocols.
According to the partnership deal, Stripe shall build user onboarding protocols that include identity verification processes for the crypto exchange.
Stripe shall also provide payment services for FTX exchange thus enabling both FTX.US and FTX users to buy cryptocurrencies using credit cards and through direct bank transfers using Automated Clearing House (ACH) transactions.