Stripe, the Irish payment processing company has announced that it will start supporting cryptocurrency with a partnership with FTX. The company, which stopped Bitcoin support in 2018, citing issues such as slow transaction confirmation time and Bitcoin volatility, is back in the space after 4 years.
According to a news report by SiliconRepublic, the co-founder of the company, John Colliso, announced via a Twitter post that the company will be rendering several crypto-related services this time. The tweet posted yesterday, March 10, stated that some of the businesses that Stripe intends to get involved in this time around are exchange, pay-outs, pay-ins, fraud prevention, KYC and more.
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
A Comeback in The Crypto Space
The Stripe management started assembling a team of engineers with expertise in cryptocurrency late last year, in the bid to make a comeback to the crypto space. The report said that the company is eager to navigate the crypto space successfully this time.
In 2015, Stripe commenced its crypto service, announcing Bitcoin support, but three years ago, it threw in the towel, citing volatility of the market and other issues as reason for the exit. Its partnership with FTX will enable the company to extend its services such as its crypto-supporting credit cards to users of the exchange.
Tristan Yver, head of strategy at FTX said that the collaboration will help the exchange to deliver more than the expectations of its customers. Yver added that:
“The optimisations we made in our payments set-up 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.”
According to Yver, some of the benefits that the exchange will gain through the partnership with Stripe include the use of the company’s debit card service to fund user accounts, fraud protection and state-of-the-art KYC processing.