The global payments giant Stripe has declared that it would start offering the integration of fiat payments APIs for crypto companies, including exchanges, NFT markets and wallet providers, among others, to allow them to process crypto currency payments to fiat.
This is a huge win for crypto companies around the world, as it will allow customers to make payments seamlessly, regardless of the form of currency required for payment, as the API will facilitate conversions.
Stripe also said that it will offer flexible access ramps for crypto exchanges. The access ramps will allow crypto users to deposit and withdraw crypto exchanges, as Stripe co-founder John Collison said via a tweet.
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 (@collison) March 10, 2022
Last year, in October, Stripe announced the creation of a team that was to review Web3 payments and today marks the first major crypto-related project that the payment provider has undertaken. He had immediately started by hiring designers and engineers to build future Web3 payments and it seems to have paid off.
Stripe partnership with FTX exchange
On the heels of the announcement of support for crypto companies, Stripe also announced that it has partnered with the FTX crypto exchange and its US subsidiary FTX.US to improve their Know-Your-Customer (KYC) protocols.
According to the partnership agreement, Stripe must create user onboarding protocols that include identity verification processes for the crypto exchange.
Stripe will also provide payment services for the FTX exchange, thus allowing users to FTX.US and FTX to buy cryptocurrencies using credit cards and by direct bank transfer using automated clearing house (ACH) transactions.