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.

AccessTimeIconMar 10, 2022 at 7:38 p.m. UTC
Updated May 11, 2023 at 4:03 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

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

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about