Stripe Partners With Ftx

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Stripe Partners With Ftx

Stripe Partners with FTX

Stripe is partnering with FTX to power its digital asset payments. It is learned to offer API integration of fiat payments for businesses to facilitate the process of cryptocurrency to fiat currency payments. It will be rolling out KYC verification checks soon.

The payments giant is working on several Web3 projects and crypto exchange FTX is one good example to take note of in the direction. The partnering is a union of two valuable companies. The value of Stripe was $95 billion about a year ago while that of FTX was $32 billion.

FTX raised a capital of $400 million in January 2022 and revealed its platform processed a transaction volume of $14 billion a day in the same month.

FTX US head Brett Harrison said the platform has witnessed an increase in processing time after the integration of Stripe technology.

About Stripe

Stripe was founded in 2009 by John Collison and Patrick Collison in Palo Alto, California.It initially received an investment of $2 million from Elon Musk, Peter Thiel, Liam Casey, SV Angel, Andreessen Horowitz and Sequoia Capital. It acquired task-management and chat app Kickoff in 2013. It moved to San Francisco in 2012 and appointed Mark Carney, former Bank of England governor, to its board. It partnered with Ford Motor Company in January 2022 under a deal of a five-year tie to handle reservations and orders transactions.

The Irish-American software company provides APIs to allow the integration of payment processing into mobile apps and websites. The platform is equipped with anti-fraud tools to block fraudulent transactions. It added a billing product in 2018 to help online businesses to manage invoicing and subscriptions.

It started offering credit cards and loans to business houses in the US in 2019 under which the loans are automatically approved with the help of machine learning models and without the need for any human intervention.

About FTX

FTX was founded in 2019 by Gary Wang and Sam Bankman-Fried in Antigua and Barbuda. It is a cryptocurrency exchange and headquartered in Nassau, The Bahamas. It processes daily average transactions of about $10 billion and is equipped with more than 1 million users. Its FTX.US exchange is segregated entirely for US residents.

It bought the naming rights to a basketball stadium in Miami, Florida. The stadium is known as FTX Arena and the deal is for 19 years at the cost of $135 million. Similarly, it acquired 10-year naming rights with esports organization TSM for $210 million. The new official name is Team SoloMid FTX.

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