Stripe Is Offering Cryptocurrency Payments Again, Announce Partnership With FTX

Aside cryptocurrencies, Stripe also supports NFTs marketplaces and wallets.

Stripe to compete with other crypto payments services in the market.

After ditching bitcoin in 2018, Stripe announced a new partnership with FTX, FTX US, Nifty Gateway, Just Mining and Blockchain.com. John Collison, the co-founder and President of Stripe revealed made the announcement on twitter.

Stripe supporting exchange as well as non-fungible tokens (NFTs) may be welcomed by the crypto community. Towards the end of 2021 Stripe formed a dedicated team to explore Web3 opportunities.

Guillaume Poncin, the head of engineering in Stripe recruited designers and engineers for 'the future of Web3 payments.'

It is possible Stripe waited for a confirmation the US and EU will in fact begin regulating the crypto markets instead of a complete ban. Once the news were out a regulatory framework is in the process Stripe launched its new cryptocurrency services.

FTX Will Use Stripe for Payments and ID Verification

FTX and FTX US users will be able to fund their account via Stripe. Additionally, Stripe will be used for the identity verification for FTC X and FTX US customers. Tristan Yver, Head of Strategy at FTX commented the following on the partnership:

“We want FTX to become a trusted mainstream brand. Weve partnered with Stripe to help us transform what could be uintuitive crypto experiences into ones that exceed consumer expectations.”

Stripe has a large market share in the online payments industry. The addition of cryptocurrencies may allow the company to compete with other payment services.

A survey conducted by Hartford Steam Boiler (HSB) in 2020 showed at least one third of US businesses (small and medium) accept cryptocurrencies.

The figures are likely to have increased with time as more companies are now accepting cryptocurrencies as a payment method. Gunnercooke, a UK-based law firm announced last month it is accepting cryptocurrencies for its legal services via a partnership with Coinpass.

As countries are looking to regulate cryptocurrencies, more traditional companies may eventually begin accepting cryptocurrencies for their goods and services.