The bitcoin exchange chose Stripe as its processor to power payments from its users and create an identity verification system. Tristan Yver, the company's director, said: We want FTX to become a trusted leading brand.
To achieve this, they have replaced, on the one hand, their old manual identity verification system, which could take days to complete, with an automated real-time KYC system. And, on the other hand, it has enabled users to buy cryptocurrencies through credit card payments or bank transfers.
We've partnered with Stripe to help us transform what could be unintuitive cryptocurrency experiences into experiences that exceed consumer expectations.
--- Tristan Yver, director of FTX.
Stripe bets on bitcoin again
The partnership with FTX brought Stripe back to processing bitcoin payments, something it had stopped doing four years ago.
This occurred at a time when the Bitcoin network was experiencing scalability difficulties. Something that caused inconvenience to their clients, since as their transactions took time to be carried out, the value of bitcoin with respect to the dollar fluctuated over the course of the process, which could cause them inconvenience.
Now they ensure that their transactions are fast with their association with FTX and they enabled this service again, which is aimed at businesses that want to offer payment facilities to their customers with fiduciary currencies or cryptocurrencies.
Something that shows that he is fully involved in the Bitcoin ecosystem.
In addition, they opened other technological services, such as identity verification methods, KYC, and fraud prevention. The latter assesses the risk of fraud based on the data it receives from all layers of the financial system, integrating data from the flows of the purchase process, detailed payment information, and information from card networks and banks.
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