Back in the Crypto Mix

No matter how far we reach, human beings are always looking for an opportunity get a step forward. By doing so, we avoid putting any cap on what we can achieve. Now, when you leave the horizons so open, they tend to wander off into all sorts of places, and every time they stumble upon a new place, it results in our growth. Over the years, we have come across various such outlets, but none of them impacted the human growth like technology did. Technology stands out comfortably here due to reasons that go beyond just being a helpful tool. Instead, the whole discussion is also a lot about the way the creation rebuilt our identity from scratch. If it wasn’t for technology’s generational approach, we would still be stuck with our outdated ideas. However, even after raising the floor by a whopping margin, we haven’t stopped imagining a better future. The only difference is that, with technology, we have a shot at clocking gazillion more milestones than we could otherwise. This claim has been validated time and time again since the creation’s arrival. In fact, a recent partnership might have given it yet another piece of backing.

Stripe and one of the leading crypto companies, FTX have officially announced a strategic partnership, which will focus on making crypto payments more seamless and secure. The partnership comes on the back of Stripe launching a dedicated API toolkit for crypto businesses. According to certain reports, FTX will use ML-driven Stripe Identity API to build an onboarding and a comprehensive verification flow. Up until now, the crypto giant has relied upon manual reviews for verifying the user identity, but assuming the new methodology ends up working out, it will be able to perform the same task in real-time, therefore significantly speeding up the process. Apart from Stripe Identity, FTX will also rope in Stripe Radar. Specifically designed to mitigate fraud, Stripe Radar blends ML models with customer details and billing information to filter out the illegitimate customers. This, as you can guess, will pave the way for a more economically-efficient operation over the long-term.

“We want FTX to become a trusted mainstream brand,” said Tristan Yver, Head of Strategy at FTX. “We’ve partnered with Stripe to help us transform what could be unintuitive crypto experiences into ones that exceed consumer expectations. The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX’s growing customer base demands.”

While identity verification and fraud mitigation are certainly at the heart of this partnership, Stripe will help FTX with the payments’ aspect as well. The fintech company is expected to make sure that all FTX users are able to purchase cryptocurrency through their debit cards and Automated Clearing House (ACH) transactions directly from their bank.

So far, Stripe has had an on-and-off relationship with crypto, but the company’s recent moves should surely reveal where the company is headed for the next few years.