FTX Picks Stripe to Build Payments and Risk Mitigation Feature

Stripe’s platform will enable a new fiat-to-crypto on-ramp for the rapidly growing exchange's customers.

By Michael Bellusci

Mar 10, 2022 at 7:38 p.m. UTC

Updated Mar 10, 2022 at 7:52 p.m. UTC

FTX CEO Sam Bankman-Fried (Eva Marie Uzcategui/Bloomberg via Getty Images)

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Crypto exchange FTX has picked payment infrastructure company Stripe to build onboarding and identify verification features.

According to a Stripe statement Thursday, the goal is to make the process of opening and funding FTX accounts a more "seamless" experience for users.
Additionally, FTX will deploy "Stripe Radar," which seeks to lessen fraud risk. The application uses machine learning models and other signals to distinguish fraudsters from legitimate customers, according to the Stripe statement.
"The optimizations we made in our payments setup with Stripe deliver the smooth on-ramp experience FTX's growing customer base demands," said Tristan Yver, FTX.US' head of strategy.
FTX.US President Brett Harrison said the company is already seeing far faster speeds of know-your-customer (KYC) processing, higher rates of automated approvals,and an overall improved user experience for customers.
Stripe co-founder John Collison said in a Tweet Thursday that the company now supports crypto businesses including exchanges, on-ramps, wallets and NFT marketplaces. “Not just pay-ins but payouts, KYC and identity verification, fraud prevention, and lots more,” he tweeted.

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