Market Analysis Report (11 Mar 2022)

Global payments giant Stripe has started offering a fiat payments API for cryptocurrency businesses to process crypto-to-fiat currency payments. The firm’s support for crypto businesses includes exchanges, wallet providers, non-fungible token (NFT) marketplaces, and more.

According to an announcement the firm published, as part of its toolkit for cryptocurrency businesses, it’s also offering flexible on-ramps for exchanges. These on-ramps will enable both fiat deposits and withdrawals for exchanges.

Stripe is also offering protocols for user identification and fraud prevention. It partnered with cryptocurrency trading platform FTX and its US affiliate, FTX.US, to improve its know-your-customer (KYC) protocols.

The partnership will also see Stripe provide payments services for FTX, allowing FTX users to buy crypto using debit cards and direct bank transfers via Automated Clearing House (ACH) transactions.