This week, the Irish financial technology (FinTech) startup superstar Stripe launched a suite of tools aimed at making crypto financial transactions easier, more flexible, and less susceptible to fraud. The company has built tools to allow online companies of all sizes to easily accept payments and has become a bit of an industry standard, including: tools to launch new companies, accept payments, issue invoices, handle ACH transactions, detect fraud, adhere to know your customer laws, and more.
The company’s Web3 tools were launched in conjunction with a partnership announcement with FTX to support their Know Your Customer, fiat on ramps and off ramps, and fraud detection systems. The president of FTX’s US entity was quoted saying:
We’ve recently overhauled our user onboarding process, and we’ve partnered with @stripe to bring its automated ID verification system to FTX. We're seeing greatly increased speed of KYC processing, higher rates of automated approvals, and a smoother UX for our customers.
Right now, Stripe advertises supporting exchanges, wallet providers, and NFT marketplaces. They support transactions across 135 currencies and Know Your Customer identity services in 33 countries.
This is the first set of tools released from the FinTech company since they announced opening a Web3 team in October 2021. Given Stripe’s widespread adoption and successful utilization by Web2 businesses, many are optimistic that the company will bring the same capabilities to Web3.
In March 2021, Stripe raised $600M at a $95B valuation, leading many to speculate that when the company goes public it will be the largest IPO in history.