Home World FTX chooses Stripe for payment management and identity verification

FTX chooses Stripe for payment management and identity verification

FTX chooses Stripe for payment management and identity verification

Stripethe global technology company that builds financial infrastructure for the Internet has announced that FTX and FTXUS (the subsidiary of FTX in the USA) one of the companies specialized in cryptocurrencies in the world, have chosen Stripe to create a flow of income and identity verification seamless for users who join the platform, and to boost payments for users who add funds to their FTX account.

FTX is one of the fastest growing technology companies in the world, and allows users to buy, sell and trade a variety of digital assets. In January 2022, investors traded an average of $14 billion worth of assets on FTX each day. After two years of rapid growth, FTX is turning its attention to a broader community of investors.

“We want FTX to become a trusted brand for all types of customers”, according Tristan Yver, Head of Strategy at FTX. “We’ve partnered with Stripe to transform unintuitive cryptocurrency experiences into ones that exceed consumer expectations.”

Promoting a better payment experience for the purchase of cryptocurrencies

FTX has chosen Stripe to offer a Smooth payment experience for users who want to buy cryptocurrencies with debit cards and transactions of the Camera of Automated Compensation (ACH) directly from your bank.

FTX built its new payment setup with Stripe in just a few days. “The Stripe Developer Docs have been a huge difference for us compared to what we’ve worked on before”he claimed And see.

FTX also uses StripeRadar for mitigate the risk of fraud. Fully integrated with the rest of the Stripe platform, Radar uses machine learning models and signals that include customer details and billing information to distinguish fraudsters from legitimate customers. This allows FTX accept as many legitimate transactions as possible, generating additional income without any extra effort.

“The optimizations we’ve made with Stripe in our payment setup make for a seamless experience right out of the box; something that FTX’s growing customer base demands. We are able to multiply income by making it easier than ever for our clients to invest in cryptocurrencies”it states And see.

Replacing time-consuming, manual identity verification with real-time, automated approvals

FTX has also chosen Stripe Identity to build a entry process and identity verificationso that new cryptocurrency investors can easily prove that they are who they say they are.

Using Stripe’s machine learning model, based on the same technology it uses to verify millions of global users, FTX has significantly reduced the number of rejections of new investors. FTX’s previous identity verification process often required manual reviews, which could take up to a week; while the new flow allows identity verification in real time.

“We recently overhauled our new user onboarding process, and have partnered with Stripe to bring their automated identity verification system to FTX”tweeted the President of FTX US, Brett Harrisonafter completing the deployment. “We are experiencing a huge increase in our customer insight processing speed, higher rates of automated approvals, and an improved user experience for our customers.”

Will Gaybrick, Stripe Product Managerstated about the ad: “Stripe is working with many of the most exciting Web3 projects and supporting the world’s leading cryptocurrency brands. FTX is a great example of that.”

For more information visit stripe.com/use-cases/crypto.

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