Stripe, a payment provider that facilitates cash flows for business owners, is now working with cryptocurrency businesses too as the platform explores new areas. According to a press release, the new service is available thanks to a partnership with FTX & FTX US that will facilitate crypto purchases made with debit cards and Automated Clearing House (ACH) transactions.
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As part of the partnership, FTX is also using Stripe Radar, a system that uses machine learning models to fight fraud schemes. This enables FTX to accept as many legitimate transactions as possible, generating additional revenue with no extra effort, Stripe said. With the latest move, Stripe's users can conduct crypto-to-fiat payments via special APIs and create NFTs.
In October last year, Stripe announced a new cryptocurrency-focused team focused on "crypto-enabled experiences." The firm was particularly looking for a staff engineer to build the core components that Stripe was needed to "support crypto use cases."
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