Stripe Banks on Security Features for Crypto Businesses as Platform Refreshes Services List

Stripe, a US-based online payments platform, is narrowing down on adding more crypto-related services for its users. The company is relying on its security features like fraud prevention and authorisation optimisation to attract crypto businesses like exchanges, wallet providers, and NFT marketplaces to link their finances with Stripe. The digital payments major has already joined hands with Bahamian cryptocurrency exchange FTX to build its fiat-to-crypto route. New crypto-centric features on Stripe come in the backdrop of US authorities validating the crypto space by initiating research and development in the sector.

The platform claims to be extending support for crypto businesses as well as investors from over 180 nations to change crypto assets into fiat currencies.

“Our payments platform is designed to increase conversion and reduce fraud streamlined checkout flows, fraud prevention, issuer-level optimisations, and more so that you can focus on building the next big thing. With ‘Connect', pay out fiat currencies in 45+ countries,” the Stripe website reads.

While Stripe's ‘Connect' feature allows users to pay out fiat currencies, its Identity add-on is a verification system to mitigate fraud.

The company had been planning to make inroads into the crypto sector once again after it began accepting Bitcoin payments in 2018, but discontinued the practice briefly.

The company also put in place a special team dedicated to research on the crypto space as well as to explore the “web3” concept – which refers to the decentralised future of the Internet as we know today.

Stripe, founded in 2010, reportedly emerged to be the largest privately-held fintech company in the US with a market valuation of $95 billion (roughly Rs. 7,07,598 crore).

Meanwhile, the crypto sector has been roping in subtle acceptance from the US government.

Earlier this week for instance, US President Joe Biden signed executive orders on government oversight of the cryptocurrency industry, while Dubai got a set of new regulatory frameworks.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.