Crypto giant FTX and its US subsidiary have partnered with Stripe to develop an onboarding and identity verification process for users joining the exchange, as well as to manage payments for individuals funding their accounts.
Stripe will facilitate the purchasing of cryptocurrencies through debit cards and ACH transactions directly linked to users’ bank accounts. Additionally, FTX is implementing Stripe Radar to address fraud risk. This system employs machine learning models and data signals, such as customer details and billing information, to differentiate between fraudsters and legitimate customers.
FTX has also selected Stripe Identity to streamline the onboarding and identity verification process, making it easier for new crypto investors to authenticate their identities.
FTX US President Brett Harrison stated, “We’re seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers.”