The global online payment software developer, Stripe is all set to return to adopt Bitcoin in association with FTX Trading and Blockchain.com. Strip has developed a new infrastructure for Bitcoin crypto businesses. It focuses to create new payment processing software for Bitcoin and other major cryptocurrencies as well.
While in 2018, Stripe stopped its Bitcoin (BTC) support service due to its slow network speed and high rate of fees. But, the company is back with a new devoted team for Web3 payments since late 2021. Moreover, it hopes to create an impact on its customers with an exceptional user experience platform.
Powering a better payment interface
The FTX is the leading exchange platform based that lets users buy, sell, trade different types of digital assets. It has chosen Stripe to construct a smooth payment system for its users to add funds to their FTX account. In January, FTX realized that investors are trading an average of $14 billion worth of assets every day on its platform.
The new infrastructure is dedicated to providing payment integration, ID verification scaling methods, currency conversion, and streamlined automation. Whereas, the FTX’s previous identity verification process required manual reviews and took weeks to complete. In contrast, the new verification method uses real-time identity authentication.
Likewise, the exchange company is also using Stripe Radar to prevent fraudulent activities and mitigate the risk factors. The Radar operates on machine learning models and signals that include various information about customers. This enhanced method distinguishes between fraudsters and legitimate customers. Further, the alliance aims to accept more legitimate transactions and generate additional revenue without any extra cost.
“The optimizations 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,”Tristan Yver, Head of Strategy at FTX
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Stripe to support NFT sale
Stripe is also set to launch an open drop NFT collection ‘Cube Thingies’ through Nifty Gateway. Each NFT’s cost ranges from $242.42 to $424.24 for minting. Moreover, all the transactions will go to Watzi, a non-profit healthcare tech organization.