Crypto exchange FTX is moving to payment infrastructure company Stripe to build onboarding and identify verification features for users, according to a Stripe statement Thursday.
- The goal, said Stripe, is to make the process of opening and funding FTX accounts a more “seamless” experience for users.
- Additionally, FTX will deploy “Stripe Radar,” which seeks to lessen fraud risk. The application uses machine learning models and other signals to distinguish fraudsters from legitimate customers, according to the statement.
- “The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands,” said Tristan Yver, FTX’s head of strategy.
- FTX.US President Brett Harrison said the company is already seeing far faster speeds of know-your-customer (KYC) processing, higher rates of automated approvals, and an overall improved user experience for customers.
- Stripe co-founder John Collison said in a Tweet Thursday that the company now supports crypto businesses including exchanges, on-ramps, wallets and NFT marketplaces. “Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more,” he tweeted.