Crypto giant FTX and its US subsidiary have chosen Stripe to build an onboarding and identity verification flow for users joining the exchange, and to power payments for people adding funds to their accounts.
Stripe will now power users who want to purchase cryptocurrencies with debit cards and ACH transactions directly from their bank.
In addition, FTX is using Stripe Radar to tackle fraud risk. Radar uses machine learning models and signals including customer details and billing information to distinguish fraudsters from legitimate customers.
Finally, the crypto exchange has chosen Stripe Identity to build an onboarding and identity verification flow designed to make it easier for new crypto investors to prove they are who they say they are.
Says FTX US President Brett Harrison: “We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers.”